Essentially, a beneficiary may be on the hook for the tax payable if there is not enough money left in the estate. This could apply if a RRSP or RRIF is the primary or...
Last year, as COVID-19 lockdowns forced many Canadians to work from home, taxpayers naturally wondered what employment-related expenses they might be allowed to write off. There were questions about claiming masks, office furniture, the...
Why is getting motivated to do taxes so hard? It’s true—despite knowing we can avoid this stress by getting started earlier in the year, the majority of Canucks procrastinate hard on their tax returns....
Why are there federal and provincial tax rates? That’s because they are separate levels of government, covering different financial responsibilities and have different revenues to pay for them. For example, health care is run...
From paying yourself a salary to drawing income Business owners typically pay themselves a salary during their working years. A salary is deducted from corporate business income, reducing corporate tax payable on that income....
Locked-in RRSPs, defined contributions (DC) pensions, and deferred profit sharing plans (DPSPs) all have the same rule requiring conversion at age 71. The two big questions for a retiree prior to age 71 are:...
A donation given to a registered charity in Canada can be claimed as a charitable donation on your tax return. The Donation Tax Credit available after the first $200 of annual donations is effectively the top marginal tax rate in a given Province or Territory.
Borrowing to invest in an RRSP is great for someone who has trouble saving money and it offers a form of a forced saving program, because it will encourage to use the tax refund to pay of the debt and continue
There are many things that people plan for when planning their retirement. They plan for the travel they wish to do, to have money for gifts for the grandchildren they hope to have, and...
Looking for tips to save money this tax season? Want to make sure you haven’t missed out on a tax credit? The Canada Revenue Agency has come out with some tips ahead of the...
