2024 RRSPs – How Much Should You Contribute?
What is RRSP? An RRSP, or a Registered Retirement Savings Plan, is a savings plan that you can contribute to over the course of your working life. When you retire, you can convert your account to a Registered Retirement Income Fund (RRIF) and withdraw an income. In the meantime, you can treat your RRSP like a regular
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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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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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Beware of scammers posing as CRA employees
Over the past few years, scam phone calls from individuals claiming to be from the Canada Revenue Agency (CRA) have increased. As we approach the time of year to file personal tax returns, these calls become more frequent as scammers seek to take advantage of the tax season. How to make sure the caller is
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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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