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Tips
You've earned
it - Tax Credits
The Government of Canada has introduced a wide range of tax cuts
to help you save on your taxes. Find out more about the tax
savings and benefits that may be available, as well as about the
Canada Revenue Agency's quick, easy, and secure electronic
services.
Click here to find out more.
Cashing in RRSPs
It is a legal requirement for your financial institution to
withhold taxes on RRSPs you are cashing in. The withholding
rates are 10% for $0-$4,999, 20% for $5,000-$14,999 and 30% for
amounts over $15,000. Read more...
Dealing with the
CRA
When the Canada Revenue Agency makes an inquiry or requests
information the best strategy is to co-operate and communicate.
Read
more...
Home Office
Restrictions
A self-employed individual and an employee can write-off a
portion of their home expenses by way of a home office. However,
there are a number of rules and restrictions you should be aware
of. Read more...
Lease or Buy?
To lease or buy? That is the question. You have to consider (1)
interest rates (2) future borrowing requirements (3) your cash
flow situation and (4) your lifestyle.
Read more...
Shareholder Woes
If you are a shareholder who takes regular draws from your
Company you should be registered for payroll and remit monthly
tax and Canada Pension Plan payments to the Canada Revenue
Agency ("CRA"). The CRA is enforcing an Income Tax provision
that has been in place for years.
Read more...
Tax on Sale of
Investment Property
If you sell an investment property it is likely that you will
pay a maximum tax rate of 22% on any capital gains. However,
there are situations where a capital gain will be deemed
'regular' income, which may attract a tax rate as high as 43.7%
in British Columbia.
Read more...
Tuition Fee
Transfer
It may be possible to transfer tuition fees and education
credits to a spouse, parent or grandparent of the student. The
maximum amount is $5,000 per student and it can provide for some
effective tax planning.
Read
more...
Writing off
Business Assets
Can I expense the purchase of an asset whose useful life will
extend beyond one year?
Read more...
Year End Bonuses
It is possible for a company to take a tax deduction for unpaid
management fees at year-end provided that the fees are paid to
the manager or shareholder within 179 days from the year-end
date. Read
more...
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