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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

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

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

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