The most popular tax tool available to taxpayers is investing in a registered retirement saving plan (RRSP).
Contributions to RRSP’s are tax deductible and the income earned within the plan grows tax deferred until retirement. You can claim a contribution of up to 18{9de21fd12e8ca6488972186bbb5fe81becd95b7b490974f1f8badcf668439b39} of 2017 earned income to a maximum of $26,230. Earned income is […]
If a corporation (including a for profit or non-profit corporation) fails to deduct, withhold, remit or pay amounts held in trust for the Receiver General for Canada (CPP, EI and GST/HST), the directors of the corporation at the time may be held personally liable along with the corporation to pay the amount due. This amount […]
The Canada Pension Plan (CPP) is a contributory, earnings-related social insurance program. It ensures a measure of protection to a contributor and his or her family caused by the loss of income due to retirement, disability and death.
There are three types of CPP benefits:
Disability benefits (which include benefits for disabled contributors and for their […]
Estate planners often suggest that the RRSP/RRIF holder designate a beneficiary of the plan. There are many advantages:
Probate fees can be avoided because the funds transfer direct to the beneficiary.
The funds are not exposed to the liabilities of the deceased’s estate.
No elections are required for the “refund of premiums” status.
Premium refunds allow a tax-deferred transfer […]
A tax return must be filed if:
You have to pay income taxes;
You have not repaid all amounts withdrawn from your RRSP under the Home Buyers Plan or the Life Long Learning Plan;
You have to pay CCP because your pensionable income exceeds $3,500;
You received working income tax benefit advance payments;
Other reasons to […]
