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So far Quadrant Accounting has created 398 blog entries.

TFSA overcontribution woes continue

A recent Tax Court case demonstrates the costliness of over-contributing to a TFSA. An Ontario taxpayer who owns a roofing company inadvertently deposited $40,000 into a TFSA account instead of his regular chequing account. He was then punished with over $2,000 in penalties. The man had made smaller over-contribution previously receiving a warning letter from [...]

By |2020-01-21T08:16:36-07:00January 26th, 2020|News|0 Comments

Personal Investor: 4 money-saving tax tools for the average investor – BNNBloomberg.ca

If you have investments, expect to pay taxes. Fortunately, there are four ways - almost anyone can use - to can save at tax time. First, as many people know having an RRSP allows you to defer taxes on your contribution, so you can withdraw the money at a future time in retirement at a [...]

By |2020-01-21T08:13:18-07:00January 21st, 2020|Commentary|0 Comments

Albertans pay less into TFSAs than Canadian average

Alberta's average annual contribution increased by five per cent this year. Albertans hold an average of $28,551 in their TFSA. Canadians are choosing to grow their contributions more often. Alberta residents are more likely to put funds in their investment accounts once a quarter. About half of Canadians save TSFAs for retirement. TFSA contribution is [...]

By |2020-01-21T08:10:46-07:00January 20th, 2020|News|0 Comments

The facts of life (insurance)

One-third of Canadians don’t have life insurance. The main reason is that death is hard to talk about; so many people avoid it and thus don't buy life insurance or adequately plan for what will happen when they're gone. For instance, one myth is that an employer's life insurance program is adequate. Generally, it's a [...]

By |2019-11-22T12:49:46-07:00January 14th, 2020|Commentary, review|0 Comments

Potential for massive IRS tax penalties still hangs over U.S. citizens living in Canada

Most people are unaware that the U.S. is the only country that imposes citizenship-based taxation on it's citizens no matter where they live or where they earned the money. That means that U.S. citizens living in Canada pay taxes to both Canada and the U.S. They are required to disclose all financial accounts in foreign [...]

By |2019-11-22T12:55:09-07:00January 8th, 2020|News|0 Comments

Out from behind the eight ball: Top tips on how to save your small business its much-needed money

Small businesses can keep more of their money by taking advantage of a number of ways to save. For instance, try co-sponsoring an event with a complementary business in order to share the expenses as well as the networking benefits. Join a professional organization that offers discounts and other beneficial perks that will help you [...]

By |2019-10-07T11:29:17-06:00January 7th, 2020|Commentary|0 Comments