Resource Centre2021-01-15T18:47:37+00:00

Tax & Financial Resource Centre

Our resource centre is designed to give you ready access to the tips and tools you need to take control of your financial future. With clear, simple advice that you can implement today, we’ll help you be more comfortable tomorrow. Each month, our featured “tip of the month” will provide practical pointers about taxes, accounting and other relevant financial matters.

What Tax Credits Can I Claim in Canada?

By |September 25th, 2019|

Tax credits are amounts that you can claim against your taxable income to reduce your taxable income. In Canada, there are two types of tax credits: refundable and non-refundable. Refundable tax credits are tax credits that you can claim whether you have any taxable income or not. That means that the Canada Revenue Agency will refund you real money for these credits even if you have no taxable income. Non-refundable tax credits are different. These are tax credits that you can use to reduce taxable income. However, if your taxable income is zero, then CRA will not refund you any [...]

What are the Advantages of RDSPs (Registered Disability Savings Plans)?

By |September 6th, 2019|Tags: , , , , |

A registered disability savings plan, or RDSP, are savings plans that offer extraordinary benefits for those who qualify for and use them, or even in estate planning and trusts for those with disabled dependents. The RDSP is a federal plan for people with disabilities that provides the following advantages: -           Tax Free Earnings -           Government Grants and Bonds -           Government Incentives Tax Free Earning The registered disability savings plan allows any contributions to earn interest tax free until money is withdrawn from the plan. This allows the principal balance to grow and accumulate at a quicker pace, meaning more potential [...]

What Tax Changes are in Store for Small Businesses?

By |June 26th, 2019|Tags: , |

What Tax Changes Brought 2019 for Small Businesses? It seems every year brings about new tax changes, and 2019 was no exception. The 2019 taxes for small business came with some changes. Some were good, such as the reduction on the federal small business tax rate, others not so much for instance the CPP changes which meant a higher contribution per employee. Here is a short review of the small business tax changes that came into effect this year. Small business tax changes, one year later: Some Good Changes Not all tax news and changes have to be bad news. [...]

As a Non-Resident, What Taxes Should I Pay on my Canadian Rental Property Income?

By |June 12th, 2019|Tags: , , |

As a Non-Resident, What Taxes Should I Pay on my Canadian Rental Property Income? If you are a non-resident of Canada, but own a rental property and generate Canadian rental income in Canada, you might be confused about what your tax requirements are. Non-residents tax obligations can be confusing, so read on to see what your obligations are. Withholding Agent The first thing you must ensure is that you have a withholding agent for your rental property. The role of the withholding agent is to remit 25% of the rent collected each month to the Canada Revenue Agency, and release [...]

Tracking Your Expenses for a Business Trip: Which Receipts Should You Save?

By |May 31st, 2019|Tags: , |

Tracking Your Expenses for a Business Trip: Which Receipts Should You Save?   Whether you are on business trips every week, or are about to embark on your first trip ever, one of the most common question is which receipts to save when tracking your business expenses. When doing business taxes, there are many write-offs available to claim from business trips, so here are some receipts you should keep handy. Travel Expenses   Any travel expenses can be deducted from your business taxes. This can include airfare, bus fare, rail or even taxi services. Further, travel related expenses such as [...]

Retiring in the Next 5 Years? Here is What you Need to Know.

By |March 21st, 2019|Tags: , |

Retiring in the Next 5 Years? Here is What you Need to Know.   Are you approaching retirement age? Retirement is a milestone that many of us will spend years working and saving toward. A time when we can finally sit back and enjoy the fruits and hard work of our lives. If you are planning on retiring in the next 5 years, here are some things that you need to know. Financial Planning   Whether you have a pension plan, RRSPs, or other assets, you must make sure you are financially prepared for retirement. With the loss of your [...]