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So far Quadrant Accounting has created 412 blog entries.

What’s my RRSP contribution limit for 2020?

Canadian citizens having earned income and have a social security number and have filed a tax return may contribute funds into a Registered Retirement Savings Plan(RRSP) to reduce the amount of income taxes paid. This can be done each year until the individual's spouse reaches the age of 71. RRSPs can be opened in financial [...]

By |2020-02-20T15:11:23-07:00February 26th, 2020|News|0 Comments

How does income from a rental property create RRSP contribution room?

A retiree has rental income both here and abroad. He is responsible for reporting profit made on those incomes both here in Canada and abroad. Foreign and domestic incomes from rental properties are eligible to increase your earned income, which is used to calculate your RRSP contributions room. If you have property in other countries [...]

By |2020-02-17T15:20:26-07:00February 25th, 2020|Commentary|0 Comments

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