Income taxes form a major portion of the annual revenues of the federal and provincial governments of Canada. Tax collection agreements allow different governments to levy taxes through a single administration and collection...
There is a lot of talk about Donald Trump after the New York Times released his tax returns. Because of a big loss in 1995 he won’t need to pay taxes for the next...
If you happen to have some money left over at the end of all the bill payments and you have no need for anymore toys, or even if you are beginning a prudent and...
Canada’s finance ministers came to an agreement to make changes to the CPP. They came up with an expansion to the Canada Pension Plan to help future Canadians save for retirement. These changes happened...
Your relative passed away at age 80 in early 2016. They never married and had no children. You are the sole beneficiary in their will. Is your inheritance taxable? It is basically the executor’s...
Although Canada does not directly provide home-owners with tax-deductible mortgages, they do offer an investment incentive that enables Canadians to turn their mortgage into tax-deductible debt called the Smith Maneuver. Tax deductible means that...
Seg funds vs Mutual funds Segregated funds are an annuity issued by an insurance company. They are similar to a mutual fund except for the fact that they come with capital or income guarantees as...
In a Tax-Free Savings Account the growth is tax sheltered. Assume you invest $3,000 after-tax money annually into a TFSA and the same amount into a non-registered account. Both investments have a rate of...
As parents, we want nothing more than for our kids to succeed. Often, we wish to give our children a “leg up” in their transition to adulthood by helping them out with larger expenses,...
When the Tax-Free Savings Account was launched in 2009 there was a great deal of confusion on exactly what it was, how it worked and how best to use it. 5 years later and...
