Tax Tips, News & Advice

Accounting & Tax Tips, News & Advice

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New Mortgage Rules for Canadians Beginning February 2016

February 15, 2016 is when new mortgage financing rules will take effect | Increasing the minimum down payment to 5% | Decreasing the maximum amortization period to 25 years... Read More

RRSP or TFSA Annual Contribution Decision Guide

Every year in February Canadians must make their annual RRSP contribution.  Learn the advantages and disadvantages of the RRSP contribution compared the TFSA... Read More

Tax Planning Tips to Start the Year - January

Taking some time to review one’s tax situation—and perhaps putting a few strategies in place—at the beginning of the year can help avoid a cash flow crisis or other financial shock when the RRSP contribution deadline looms or it is tax filing (and tax payment) time in the spring of 2017... Read More

Claiming Union Dues and Insurance Premiums in Canada

Professional fees and union dues can be deducted where membership in a trade union is a requirement for the taxpayer to work in his or her trade or occupation. The Canada Revenue Agency’s (CRA’s) position is that membership dues and parity or advisory committee (or similar body) dues required under provincial or territorial law qualify for the deduction... Read More

Financing Education through a Lifelong Learning Plan

The Lifelong Learning Plan, or LLP, allows Canadians to withdraw funds from their RRSPs, without paying tax on those withdrawals, where the funds will be used to further their education, or that of their spouse. (Education costs for one’s children do not qualify for the Lifelong Learning Plan.)... Read More

Year End Tax Planning Tips for TFSAs and RRSPs

Most Canadians are aware that the deadline for contributing to one’s registered retirement savings plan (RRSP) is 60 days after the calendar year end.  The fact is, however, that there are some situations in which planning strategies involving TFSAs and RRSPs have to be put in place by the end of the calendar year... Read More

Year-end tax planning tips (December 2015)

A list of some of the more common tax deductions and credits which are claimed by Canadian taxpayers, and the year-end considerations that apply to each.  Information regarding how to claim medical expense and making charitable donations... Read More

Understanding Old Age Security (OAS) in Canada

While many retired Canadians receive both OAS and CPP benefits every month, the two plans are quite different.  The differences between the CPP and OAS extend to how each program is financed. The CPP, like all contributory pension plans, is financed out of contributions made and income earned from the investment of those contributions. OAS, on the other hand, is paid from general federal government tax revenues... Read More

Tax Implications of Holiday Gift Giving

The holiday season is the time when many employees can expect to receive something “extra” from their employer, whether by way of a cash bonus, a non-monetary gift or even an annual holiday party. And, it’s certainly possible to structure such extras in a way that doesn’t attract the unwanted attention of the taxman. To do so, however, a little advance planning is required... Read More