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So far Quadrant Accounting has created 398 blog entries.

Is an RRSP loan a good idea?

Should you borrow money via a loan offered by Canadian banks to make contributions to your Registered Retirement Savings Plan (RRSP). According to a recent MoneySense article, that depends. Currently RRSP loans are at a bank prime rate of 3.95%, which Heath says is advantageous. Further, most Canadian banks will lend up to $50,000 with [...]

By |2020-02-17T14:08:23-07:00February 18th, 2020|Commentary|0 Comments

Avoid CRA scrutiny

Every taxpayer fears the day when they get a letter saying they are being audited. While some audits are random, the CRA has discovered that targeted audits are better at identifying non-compliance. Therefore, they tend to focus their audits on high-risk areas. Knowing this, taxpayers can reduce the risk of an audit by avoiding red [...]

By |2020-02-04T08:27:08-07:00February 11th, 2020|Commentary|0 Comments

How to get the biggest tax bang for your RRSP buck – BNNBloomberg.ca

Contributing to your Registered Retirement Savings Plan can pay you back with a nice tax credit, and the deadline for contributions is March 2. However, be aware that these contributions might be handled differently depending on your specific tax situation. Key is your total taxable income, which can be used in conjunction with an online RRSP [...]

By |2020-02-04T08:24:37-07:00February 9th, 2020|News|0 Comments

Investing tips for dual citizens of Canada and the U.S.

If you have a dual Canadian/U.S. citizen citizenship, be prepared to be fully taxed like a U.S. citizen by the American government, regardless of whether you've lived there or not. Therefore, to stay on the IRS's good side, you need to be careful about where you're holding what type of investments. For instance, TFSA accounts [...]

By |2020-02-04T08:27:00-07:00February 4th, 2020|Commentary|0 Comments

Audit-proof your side hustle

If you are self-employed or run a side hustle for extra income, you need to know what taxes are owed to avoid any penalties or audits. You need to keep very detailed records and file on time. If you use equipment for personal as well as business use, you need to track your usage. Income [...]

By |2020-01-21T08:17:30-07:00February 2nd, 2020|News|0 Comments

What is a ‘related business’ for TOSI purposes?

TOSI (tax on split income) rules aren't easy to comprehend. A typical TOSI case would be when a business-owner splits income by paying corporation dividends to family-member shareholders. There are instances in which this tax can be legally avoided, such as when under 10 percent of a corporation’s income is derived from a related business. [...]

By |2020-01-21T08:17:04-07:00January 29th, 2020|News|0 Comments

What you need to know about the costs of appealing a tax decision

Disagreeing with how the Canada Revenue Agency has assessed your return is a right of every Canadian. Everyone is allowed their day in court. Depending on the complexity of your case and whether you take the general or informal procedure will affect how expensive going to court can be. The general route will require a [...]

By |2020-01-21T08:14:01-07:00January 28th, 2020|Commentary|0 Comments