CRA draft newsletter on annuity purchases from pension plans
A draft newsletter released by The Registered Plans Directorate of the CRA provides guidance on the tax implications of purchasing annuities by both plan administrators and individuals from registered pension plans. Currently, Section 147.4 of the Income Tax Act allows an annuity to be purchased from a pension plan with the condition that the annuinty […]
Read MoreWhat retirees need to know if they plan to defer Old Age Security benefits until 70
When retiring, deciding when to start the Old Age Pension Plan and Canada Pension Plan are two considerations. The decision mainly rests on a person’s individual preference and should be dependent on their circumstances. There are factors that may influence when is the right time to begin if deciding to put it off until 70 […]
Read MoreThese are the eight sources of retirement income you need to know about
When preparing to retire, you need to be aware of your available options to cover your expenses, as well as how much money you will owe in taxes based on these options. There are up to eight different sources of funds. Some people may not have considered all of them, and others may not apply […]
Read MoreHow to calculate capital gains and losses on rental property
Homeowners may not realize it at the time, but renting out a home they used to live in will change its tax status when you go to sell it later. By making a primary residence a rental property, capital gains taxes will come into effect and be based on the increase in property value when […]
Read MoreTax on cottage rental income never takes a holiday
Renting out a cottage for extra income should be an easy process when claiming the income made on your taxes unless, however, you live in the property part-time. Deductions and expenses can only be applied for the time that you are actually renting out the property and should be carefully recorded. Larger expenses are considered […]
Read MoreThe real reason people fail to save enough for retirement — and what you can do to limit the damage
Most economists report that you need savings of 10-15 percent to retire comfortably, but most Canadians are saving just over 7 percent. The main reason, according to retirees, is negative shocks while they are working. These unexpected expenditures include unemployment, health problems and divorce. In order to deal with these negative shocks and still save […]
Read MorePersonal Investor: Is your house really an investment?
Some Canadians are looking to purchase a home not only a place to live, but as an investment for when they retire. But, is this an accurate perspective to take on a home? A house can be considered an investment in some ways, but not in other ways. It can be an investment as it […]
Read MoreFeds highlight indexation of Canada Child Benefit
Canadian taxpayers who have children under seventeen years of age are able to take advantage of an increase in the Canada Child Benefit (CCB). As of July, the calculation is being increased to reflect inflation. This means for the 2019-20 benefit year, parents or guardians of a child under age 6 can receive a maximum […]
Read MoreBudget change could offer sizable tax savings on a new car – The Globe and Mail
If you’re interested in purchasing a new car, specifically a zero-emission vehicle, then you may be able to take advantage of proposed tax provisions announced in the 2019 federal budget. To be eligible, the vehicle will need to be used for business purposes, and you can either own the business, be a partner or an […]
Read MoreIf you think the CRA will turn a blind eye to TFSA, RRSP over-contributions, think again
When you decide to contribute to your RRSP or TFSA, it’s important to stay on top of what has been added as well as what your contribution limits are for each year. This includes keeping track of any money from other sources like a company pension plan to ensure you stay within your limit. If […]
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