It doesn’t take long after getting your first paycheck to realize something: not all that money is yours. The Canadian government takes a share—and the more you earn, the more
Filing taxes isn’t exactly fun, but making mistakes can turn an already frustrating process into an expensive one. The last thing you want is to deal with penalties, delays, or
The following are some ideas for individuals and business owners to reduce income taxes as 2024 draws to a close. Individuals should consider doing their RRSP contributions before the RRSP
A letter arrives from Canada Revenue Agency (CRA). You are being audited. Panic ensues as you wonder what you did wrong and why the CRA is targeting you. ‘There must
Sole proprietorships are the most basic form of business organization. They are actually an extension of the person and are taxed as such. Due to its simplicity, many business start-ups
Canadians have various existing tax reduction opportunities to consider for their own personal situations and one NEW strategy arrives this spring: First Home Savings Account (FHSA). The FHSA has
Freelancer, self-employed, contractor, independent, temporary or gig worker and entrepreneur are all terms used to describe sole proprietors. While sole proprietorship isn’t new, it is most definitely on the rise.
The latest Federal Budget included an administrative rule change1 that allows CRA to automatically send you notices electronically without your prior permission or registration. The risk, as noted in the
Over the past year, economic stresses worldwide have resulted in many employees receiving severance packages and being advised that their services are no longer required. The longer you’ve been employed
Carl and Cathy are well aware of the substantial tax advantages of making charitable contributions as well as the good feeling they get by helping their favorite charity. In addition
Do you know the real rate of return on your investments? Generally, Canadians measure the success of their investments based only on the rate of return. While it provides a
Similar to the situation of individual Canadians, small business owners must deal with a variety of financial challenges in order to grow their businesses. Besides managing issues like cash flow
It doesn’t take long after receiving your first paycheck to realize that all of your money is not your own. The Canadian government is an active partner in your earnings,
Standard financial and tax planning advice for the past several decades for business owners has included the use of incorporation to both insulate Canadians from business risk and liability and
The wedding and honeymoon are over and you’re settling in to your new life. You’ve accomplished many goals together over the past year with compromises being made over wedding plans,
With a few weeks to go before the year-end, you may wish to think about some moves you can take now to save you some taxes for 2016. Along
The recent Federal Budget included measures to close a favorable tax rule for investors in investment accounts or through corporations, trusts and holding companies, who have proposed rules to curb
“Everyone wants to live at the expense of the state. They forget that the state lives at the expense of everyone.” – Frederic Bastiat By the time that you
Starting in January 2017, the allowable cash value build up under tax rules in life insurance policies will change. The federal government introduced changes in December 2014 that are designed
One out of every three workers is covered by a registered pension plan (RPP). That’s over 6 million people. Like all hard-working Canadians, they are looking forward to a satisfying
Charities play a vital role in our society. The Canadian government recognizes this role and tax breaks exist to encourage taxpayers to give to their favorite charities. Roger makes
Front lawns across Canada are sprouting For Sale signs. That this annual phenomena occurs at about the same time as the tax refund season may be purely coincidental. Understanding the
