Contribute to your RRSP

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% of 2013 earned income to a maximum of $23,820. Earned income is Read More

Please follow and like us:
By |December 2nd, 2013|SmallBiz Builder, Tax Tips|

Estate Planning

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 Read More

Please follow and like us:
By |October 8th, 2013|SmallBiz Builder|

Do You Have to File a Tax Return?

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You have not repaid all amounts withdrawn from your RRSP under the Home Buyers Plan or the Life Long Learning Plan;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 Read More

Please follow and like us:
By |August 1st, 2013|Tax Tips|