Call us Now: 1.800.343.6133
RRSP’s, TFSA’s, RESP’s; the acronyms alone are enough to cause confusion. Choosing between the different options can be overwhelming, and the complex regulations can be difficult to follow. So how do you decide which savings plan is right for you? The key to making this decision is recognizing your financial goals and what you expect ...
Now that RRSP season is almost over, take some time to think about some of the less obvious issues regarding RRSPs. In the rush to make an RRSP contribution before the deadline, you may not have paid attention to an important point regarding your RRSP. Who will be the beneficiary should you die? No one ...
One of the basic rules to maximize the value of an RRSP is to contribute as much as possible as soon as possible. This allows the maximum capital to appreciate tax free for as long as possible, resulting in the maximum value in the RRSP. Of course, the taxman isn’t willing to let you contribute ...
With RRSP season coming, you will soon be bombarded with ads reminding you to make your RRSP contribution before the deadline. Leaving the decision on how much to invest, and where, until the last minute can result in some expensive mistakes. Before you lock yourself into making a routine RRSP contribution, take some time to ...
Changes made Canada Revenue Agency (CRA) has many different departments, with many different types of audit; income tax, GST, and payroll audits are those you are most likely to encounter. Random selection Project Computer program Secondary files Leads Sector Returns are selected for audit by: The best way to avoid an audit is to file ...
Learn more about How to Avoid Being Audited – And How to Handle It If You Can’t Avoid It. »
When a business pays a living out allowance to an employee, the business can generally deduct the allowance as a business expense. The employee may or may not have to pay tax on some or all of the allowance. When a business pays an allowance to a contractor, it can also usually deduct the allowance ...