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 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 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 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 Read more…
The CRA has begun sending out T4As to Canadians who received COVID-19 income benefits in 2020. This includes CERB, CESB, CRB, CRCB, and CRSB. These slips will reflect all income received from the government due to the pandemic. Letters on 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 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 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 Read more…
So many people have been working from home this year. For that reason, the CRA has implemented a flat rate work from home tax deduction. This is a simplified process for writing off home office expenses. Anyone who worked from Read more…
The Canada Pension Plan is obviously important to take into consideration when planning for retirement. However, as a business owner, it is even more important because, depending on how you pay yourself from your business, you may or may not Read more…