Should I contribute to an RRSP even though I’m retired?
Bruce has $15,000 in unused RRSP contribution room and wonders if it makes sense to top up his RRSP. Making an RRSP contribution is a useful way for Canadians to defer taxes and reduce their income to get into a lower bracket. It is also an excellent way of saving for retirement. Up to 18% […]
Read MoreOnce-In-A-Generation Tax Reform Isn’t The Best Path To Fairness
Canadian legislators are still looking at possible tax changes in the Senate. The Finance Committee’s recently release report includes fresh recommendations for changes and tweaks to the Canadian tax code. One of the biggest suggestions was that the changes should be set aside, and the tax code instead be subjected to a much larger review […]
Read MoreWhy Canada is unlikely to take a chainsaw to corporate tax rates in wake of U.S. cuts
Tax and policy experts are not looking for Canada to open a front against the United States in the ongoing war over corporate tax cuts. Those same experts believe Canada has other options they can turn to in that conflict, rather than simply using a brute force approach such as raising corporate tax rates. Those […]
Read MoreHere are your income splitting options now that the private corporation avenue is dead
Income splitting, the practice of small business owners giving dividend income to family members, regardless of their employment status within the company, has been curtailed due to new tax regulations that went into place the first of the year. This increases the tax burden on small businesses. There are however, some ways to continue doing […]
Read MoreAlberta’s small businesses chafe under new labour laws
Alberta’s small businesses are concerned over new labour laws. Small business advocates in Alberta are raising concerns about the timing of new provincial employment standards that are taking effect on January 1st, 2018, which may bring added costs as well as regulatory burdens to businesses. The new rules address minimum standards in a variety of […]
Read MoreCanadians are piling on debt, but still call debt reduction their top financial priority
While Canadians continue to piling on a lot of debt, 25 percent say debt reduction their number-one priority according to a recent CIBC poll. Household debt rose to record levels in 2017, but a positive from the survey is that 1/3 are making the necessary adjustments. 46 percent say they reduced spending on non-essential items […]
Read MoreWhat’s An Average Credit Score For Canadians And Why Does It Matter?
Credit scores say a lot about you and your financial health. This three-digit number represents how good someone is at paying back debt borrowed through credit cards, student loans, a line of credit and other similar debt instruments. People with numbers above 700 are deemed very good at paying off these loans. Lower scores may […]
Read MoreCFIB’s 12 things small businesses will be watching out for in 2018
According to Dan Kelly, President of CFIB, small businesses are facing a number of obstacles this coming year. Business owners are already starting to feel a little defeated with minimum wage hikes in many of the provinces and property-tax increases on commercial buildings. Another concern are the confusing new regulations around shared income in family […]
Read MoreNew rules cost Calgary restaurateur $11K in stat holiday pay for staff
Michael Noble, owner of two prominent Calgary restaurants was recently forced to pay his staff of 140 people for New Year’s day despite neither location being open. Because new labour laws that went into effect that day, it requires employers to provide holiday pay regardless of whether an employee works it or not. For Noble, […]
Read MoreEssential Stuff To Know Before You Start A Business
Owning a business can be very rewarding, and when you’re starting a business, proper preparation and organization can go a long way to setting you up for success. An area of business often overlooked by entrepreneurs is the new task of managing finances and taxes, which can be complicated. Even decisions you make before you […]
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