Finance

Is Your Car Lease Payment a Tax Write-Off?

Individuals who lease a passenger vehicle for work-related purposes can deduct part of their leasing costs on their tax return. That being said, there is a limit on the amount you can claim. This limit is based on a calculation involving your lease payments and the value of your car. How to calculate your car

Financial Goals: How to Set Them and Avoid Debt

Balancing your financial goals amidst existing debts can be tough. Whether it’s student loans, credit cards, or other debt, a significant portion of your income might be allocated toward repayment, leaving minimal funds for savings. Reaching your financial goals takes planning and setting financial goals is a key component to attain financial freedom. Each individual’s

Getting a Second Mortgage to Pay Off Debt: Is It a Good Idea?

If you are struggling with substantial debt, whether from credit cards, payday loans, or lines of credit, you may have considered taking out a second mortgage to pay off your debt. Consolidating debt through a secondary mortgage can prove advantageous for certain individuals, particularly given that mortgage loans typically offer lower interest rates compared to

Saving for Your First Home? Open Your FHSA Now

In Canada, the struggle to find affordable housing is no secret. Prices seem to continue to rise post-pandemic and more and more people continue to get priced out of the housing market. To combat the housing market crisis, the federal government introduced First Home Savings Account (FHSA) as part of its 2022-23 budget. As of April

Flipping A House? B.C. To Introduce House-Flipping Tax

Flipping A House? B.C. To Introduce House-Flipping Tax Effective as of January 1, 2023, the new residential anti-flipping tax rule came into effect in Canada according to which all flipped properties profits are subject to full income inclusion. The primary goal of this law is to combat excessive price growth in the housing market. It uses

Saving For Your First Home? Learn More About Tax-Free First Home Savings Account (FHSA)

Saving For Your First Home? Learn More About Tax-Free First Home Savings Account (FHSA) In the 2022 budget, the government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis. Like a Registered Retirement Savings

Thinking About Retiring? Our Advice on Credits & Benefits Available to Canadians

Thinking About Retiring? Our Advice on Credits & Benefits Available to Canadians It is essential for seniors to adopt a plan regarding taxes when planning for retirement. More than 1 in 5 working-age Canadians are between the ages of 55 and 64 – more than at any time in our history. With the impending retirement wave, retirement planning

All You Need to Know About TFSA Rules For Trading Stocks in Canada 2023

All You Need to Know About TFSA Rules For Trading Stocks in Canada 2023 TFSAs (tax-free savings accounts) and RRSPs (registered retirement savings plans) are two of the most popular registered accounts held by Canadians. A TFSA helps you save for any goal – from next summer’s vacation abroad to supplementing your retirement later on — with tax-free growth.

How often should I review my financial statements?

How often should I review my financial statements? As a small business owner, it is important to keep an eye on the company financials and take out time to review your financial statements, such as profit and loss statement, balance sheet and cash flow statement. How often do you take a look at or review

Boost your small business digital strategy with the Canada Digital Adoption Program (CDAP)

Boost your small business digital strategy with the Canada Digital Adoption Program (CDAP) In March of 2022, the Canada Digital Adoption Program (CDAP) was announced by the federal government. As part of Budget 2021, the $4 billion investment is dedicated to supporting small businesses through access to micro-grants, loans, and a network of professionals ready