How to Maximize Tax Return 2022 in Canada
How to Maximize Tax Return 2022 in Canada With rising interest rates every Canadians are experiencing strains caused by the increased cost of living and inflation. Claiming tax deductions & credits can help offset the financial burden by putting extra money back in your pocket. In order to maximize your tax return, you need to calculate your
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Understanding Shareholder Loan Accounts
Understanding Shareholder Loan Accounts As interest rates continue to climb in 2023, the idea of taking out a loan from your corporation at no or low interest may be increasingly appealing. But before you plan to do that, it is important to understand the tax implications related to that. If you’re considering taking out a
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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
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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.
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Getting Ready for your 2022 Tax Return
Getting Ready for your 2022 Tax Return Tax-filing season is fast approaching, and it is a busy time for both individuals and businesses. While tax season may not be the most wonderful time of the year, there are a few steps you can take now to remove some of the stress of filing your taxes
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Investing in RRSPs or TFSAs: What’s right for you?
Investing in RRSPs or TFSAs: What’s right for you? If you’re self-employed or a small business owner, saving for retirement comes with its own set of challenges. Can you save for the retirement and get a tax break? An RRSP and a TFSA are both investment accounts, registered with the Canada Revenue Agency (CRA), that
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Everything you need to know before closing down a business in BC
Everything you need to know before closing down a business in BC Closing a business is never a pleasant or easy task. It may be for personal reasons, like retirement, or perhaps you no longer feel it’s a sustainable business. It’s vital to follow the right administrative procedures to notify the relevant government agencies that you
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How to recession-proof your business finances in 2023?
How to recession-proof your business finances in 2023? Small business owners are struggling to make sense of the current economic state in 2023, with reports on a looming recession floating around. Therefore, it is advisable to be ready to weather the upcoming storm. Just as evolution in animals dictates that only the fittest survive, in
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How to Minimize Your Chances of Being Audited by the CRA?
How to Minimize Your Chances of Being Audited by the CRA? As a small business owner in Canada, being audited by the Canada Revenue Agency (CRA) can be a most daunting experience. You have enough to do managing your business without undergoing a time-sucking and possibly expensive tax audit. The Canada Revenue Agency (CRA) audits
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All You Need To Know About Claiming Medical Expenses On Your Personal Income Tax Returns
All You Need To Know About Claiming Medical Expenses On Your Personal Income Tax Returns While Canadians have the privilege of universal healthcare, not all procedures, medications, assessments, and therapies are covered so we’re often left to reach into our own pockets, especially if we don’t have private insurance. But did you know that you can
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