If you are a small business owner, you might be running your business from a personal bank account. You also might be asking yourself, “Should I use a business account or a personal account?” In this week’s YouTube video, we talk about the differences between the two and if/when you Read more…
Every year there is a basic personal amount, which is the amount of income you can make tax free. It increases over time to account for inflation. This year, there have been some changes regarding this amount. The amount is still increasing by about $1,000. However, this increase will not Read more…
We’ve talked about the benefits of filing your taxes early. Now let’s talk about filing taxes late and what happens in that situation… It’s not good! Filing taxes late results in major interest in penalties. The interest for filing late changes with the going interest rate. At the time of Read more…
Happy tax season! As you’re preparing your things to file your taxes (or maybe you haven’t started yet), we wanted to go over some awesome benefits of filing early! RRSP Benefits If you’re not sure how your RRSP can help with tax savings, check out our RRSP blog here. The Read more…
As we near the cut-off for depositing to your RRSP for the 2020 tax season, let’s talk about what an RRSP actually is and how you can use it to maximize your savings. What is an RRSP? An RRSP something many people overcomplicate, but really it’s just a bank account Read more…
Time to go over what a TFSA is, how you can use one to maximize your savings, AND what the 2021 updates are!In our previous post on emergency funds, we talked a little bit about the TFSA. You can check that video out as well. A TFSA, or Tax Free Read more…
The third instalment of our series on the benefits of incorporating covers the ability to pay yourself in dividends. If you are shareholder and work for the corporation, you can pay yourself a combination of dividends and wages. The first two videos covered incorporating when you’re taking on large debt Read more…
Online financial calculators are a great tool when doing financial planning. We wanted to share this website because it provides access to so many different calculators in one place. Furthermore, we love that it has calculators created specifically for Canadian finances. The site has mortgage calculators, comparison calculators for TFSA Read more…
As mentioned in our last post regarding incorporating, a main reason to incorporate is that the corporate tax rate is lower than the personal tax rate. We talked about how this is especially useful when taking on large debt. In this post we will talk about the benefits of incorporating Read more…
The main reason many business owners decide to incorporate, is because the corporate tax rate is less than the personal tax rate. Paying less tax allows owners to put more money back into their business.One situation in which this can be extremely beneficial is if the company is taking on Read more…