Are your charity dollars going to the right people in the right place at the right time?
Regardless of how much you’re giving, it’s important to be informed bout the charity to ensure that it is having an impact. While we want to give, it’s always a risk that a charity might not be nearly as charitable as we hoped, or it claimed. To know your time and money is truly going […]
Read MoreThree tips to help retirees minimize their taxes and maximize their cash flow
When planning for your retirement, not only do you need to know how much to save but how your funds could be taxed. Unfortunately, not a lot of people know how their retirement funds are taxed. If you work part-time or full-time after retiring, there are tax credits you can claim. When you are working, […]
Read MoreTax implications of divorce
In a divorce, on top everything else, there’s the way it affects your taxes. Inevitably, assets accumulated during a marriage will be divided, and the guidelines on how they will be divided will often differ across provinces. Beyond the division, there’s also how the taxes attached to certain assets and support matters for children will […]
Read MoreSelling real estate? The CRA is watching
If Canadian residents are in the process of selling real estate, they must now take extra care to make sure the sale is properly reported to the Canada Revenue Agency. There are three different categories of real estate including (1) selling a property that has been your primary residence, (2) property that was purchased to […]
Read MoreHow to tell if you’re over-using credit—and get it under control
According to the most recent report from Statistics Canada, the average Canadian currently owes over $23,000 in non-mortgage debt, and that even elders age 65+ owe about $16,000. It appears we have become too comfortable making minimum payments on credit cards and other forms of credit. One way for Canadians to determine if they’re at risk […]
Read MoreWhat’s the best time to transfer a TFSA between institutions?
Putting money into a TFSA is a great way to save up for retirement. Knowing the regulations that control when and how contributions and withdrawals work will help you avoid any penalties and fees that can apply in certain circumstances. For example, if you change banks, simply taking the money out of the TFSA at […]
Read MoreRunning afoul of the CRA on RRSP withdrawals can be a costly mistake
RRSP accounts seem great when you make a deposit and taxes are deducted from your income to match your contribution. The problem is, when you withdraw funds, the amounted is added to your total income for the year and taxed accordingly. In anticipation of taxes owed, financial institutions will often hold onto some of the […]
Read MoreFrench plan to scan social media for tax fraud causes alarm
A new proposal by a French government official will allow the government to scan social media as well as commerce sites such as Ebay. It is so the government can determine if residents are actually living in the country more than they claim at tax time, in addition to what they are buying. If it […]
Read More5 Tips For Limiting The Amount Corporations And Their Shareholders Pay The CRA
Corporations and their shareholders often end up paying more than expected to the CRA because of decisions made in previous years. To minimize taxes paid, there are strategies businesses can apply. It starts with setting up the correct corporate structure and involving the right people early. For example, involving an accountant in larger business decisions […]
Read MoreHow to get the best mortgage rate in Calgary
Currently, supply is larger than demand in the Calgary housing market. This is good news for anyone shopping for a new home because prices have been dropping as a result. Another advantage to purchasing in Calgary is that houses tend to be newly built. But buyers must also understand how this affects the Calgary mortgage […]
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