Nine things you may have missed in the federal budget
There are nine things that you might have missed in the federal budget. With the focus of the budget on tax changes, you may have missed the Liberal’s plans for more summer jobs, cyber security spending, sensitivity to rising rates, recession-free forecast for Canada, infrastructure spending timeline increase, cash for educating Canadians on cannabis, $6 […]
Read MoreCanada Budget Has Changes To Small-Business Tax Rules, More Money To Crack Down On Tax Cheats
The Liberal government chose to fine-tune their original tax changes for small businesses as a result of the uproar and corporate tax cuts in the U.S. The 2018 Federal Budget continues to keep Canadian corporate taxes the same, but to help businesses in other ways, such as spending to help women-led businesses grow, innovation and […]
Read MoreWhat Corporate Structure is Best for Canadian Businesses with Commission Income?
Consider the successful real estate or insurance agent, the financial product vendor, the area sales representative, or any other person earning commission income. One day they are asked, if they ever considered running their activities through a corporation as opposed to providing the services personally. There are definitely some valuable possibilities, but there are dangers […]
Read MoreFederal budget’s simpler plan to tax passive income likely to calm small business outcry
For most of the last year, there has been an outcry from small businesses regarding the proposed tax changes. As a result, Budget 2018 has taken a scaled-back approach for taxing passive investment income. The new approach is meant to relive complex accounting for small businesses, but also result in reduced money for the federal […]
Read MoreU.S. tax reform to bring double taxation to some Canadians
New tax law changes in the United States will impact some Canadians who hold dual citizenship, a green card, or who own American property. Of primary concern is how some of the tax changes will affect how foreign income is calculated for American citizens. It affects the “participation exemption system” that allows income earned abroad […]
Read MoreAlbertans who own vacation properties in B.C. face new tax
Albertans with a vacation property in some parts of B.C. will face a new tax. The tax hike will impact people that own secondary properties in some parts of British Columbia. It isn’t confirmed, but it will likely be 2 percent of the assessed value in areas like the Lower Mainland, Victoria, Nanaimo and Kelowna. […]
Read MoreTake back control of your RRSP with these three easy steps
For any Canadian, who hopes to retire with a secure financial future, it pays to track your saving vehicles to maximize them. For instance, if you have an RRSP, then take the time needed to understand it, and specifically to pay attention to what your money is being invested in. You should understand how much […]
Read MoreCan I put my mortgage in my RRSP and other burning questions as the deadline looms
With the deadline looming, here are some ways (including a lessor known one) how RRSPs can benefit you and help you decide to contribute. First, the well-known benefit of an RRSP is to provide a completely tax-free rate of return on your net contribution. And unless you’re in the lowest tax bracket, it also means […]
Read MoreIs it better to hold U.S. stocks in a TFSA or RRSP?
Withholding taxes can come into play when you’re considering whether to hold U.S. stocks in a TFSA or RRSP. Knowing where your U.S. stock should be held will help you get the maximum benefit from your investment. For instance, if you have a blue-chip U.S. stock, then you need to consider if your return, even […]
Read MoreHere’s How To Get The Most Out Of Your RRSP
Tax season is kicking into high gear, so now’s the time to consider how you’ll be filing for the year that just ended, but also to make changes to reduce your 2017 taxes. According to a recent study, only 33 percent of Canadians will contribute to an RRSP this year, so now is the perfect […]
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