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tax tips

Personal Tax

RRSP Overcontributions

RRSP Overcontributions: How to Handle and Avoid Them What Happens If You Overcontribute? Contributing to a Registered Retirement Savings Plan (RRSP) is a key method many Canadians use to prepare for retirement. However, it’s surprisingly easy to contribute too much, which can lead to unexpected penalties. Each year, you can Read more…

By Caitlin Lawrence, 1 yearMay 6, 2024 ago
Personal Tax

The Gift of Giving: Understanding Charitable Donations of Capital Property

Introduction Charitable giving is not only a noble gesture but can also be a strategic financial move, particularly when it involves the donation of capital property. At The TaxForce, we believe in the power of informed giving. This comprehensive guide delves into the nuances of donating capital property to charities, Read more…

By Tyler Schaeffer, 1 yearDecember 21, 2023 ago
Personal Tax

Navigating Your Investments: Utilizing Capital Losses to Offset Capital Gains

Introduction In the world of investing, understanding how to manage your capital gains and losses can significantly impact your tax bill. At The TaxForce, we often see overlooked opportunities for tax efficiency in this area. This guide will explore how savvy investors can utilize capital losses to offset capital gains, Read more…

By Tyler Schaeffer, 1 yearDecember 14, 2023 ago
Personal Tax

A Guide to Property Taxes in Ontario: What Homeowners Need to Know

A Guide to Property Taxes in Ontario: What Homeowners Need to Know Introduction Congratulations on becoming a homeowner in the beautiful province of Ontario! While the joys of homeownership are abundant, so are the responsibilities, and one of the most crucial aspects is understanding property taxes. In this comprehensive guide, brought Read more…

By Tyler Schaeffer, 1 yearNovember 27, 2023 ago
Uncategorized

How to Maximize Your Tax Refund in Ontario

In the grand symphony of taxation, who doesn’t love the sweet melody of a tax refund? But are you truly harnessing its full potential? With The TaxForce as your conductor, let’s delve into the art of maximizing your tax refund in Ontario. 1. Fine-Tune Your Deductions – Employment Expenses: If you’ve Read more…

By Tyler Schaeffer, 2 yearsNovember 23, 2023 ago
Personal Tax

The Pros and Cons of Filing Taxes Early in Ontario

Introduction Tax season is an annual event that brings a mix of anticipation and apprehension for many Canadians. While the tax filing deadline in Ontario typically falls on April 30th, there’s a growing trend among taxpayers to file their taxes early. Is there merit in filing taxes ahead of the Read more…

By Tyler Schaeffer, 2 yearsNovember 16, 2023 ago
Small Business Month

Master Your Money: Tips for Efficient Expense Tracking and Management

In today’s fast-paced world, managing your finances efficiently is crucial for maintaining a balanced lifestyle. Expense tracking and management are the cornerstones of financial wellness. By keeping a close eye on your spending and ensuring that your outgoings are less than your earnings, you pave the way towards financial freedom. Read more…

By Tyler Schaeffer, 2 yearsOctober 12, 2023 ago
Uncategorized

Essential Tax Planning Strategies for Small Businesses in Ontario

Navigating the complex world of taxation can be a daunting task for small business owners in Ontario. However, with a well-thought-out tax planning strategy, it’s possible to minimize tax liability and maximize profits. This blog post aims to shed light on some essential tax planning strategies that can serve as Read more…

By Tyler Schaeffer, 2 yearsOctober 9, 2023 ago
Small Business Month

The Basics of Small Business Accounting in Ontario: A Starter Guide

Starting a small business in Ontario? Congratulations! With the excitement of this new venture also comes the responsibility of managing its financial health. One of the foundational aspects of a successful business is sound accounting practices. Even if you’re not a numbers person, a basic understanding can go a long Read more…

By Tyler Schaeffer, 2 yearsOctober 2, 2023 ago
Uncategorized

3 TIPS to LOWER TAXES at year end by using your INVESTMENTS!

A common question asked by clients is “How do I LOWER my taxes at YEAR END?” Steve will break down 3 TIPS for lowering your taxes at year end by USING INVESTMENTS! These are HUGE YEAR-END TAX SAVING TIPS in CANADA that will Minimize YOUR Tax Bill, Maximize YOUR Tax Read more…

By Tyler Schaeffer, 3 yearsNovember 29, 2021 ago
Teaching Riley Videos Videos

Enhanced Basic Personal Amount | Tax Free Income!

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…

By Riley Rose, 4 yearsApril 14, 2021 ago
Teaching Riley Videos Videos

Filing Your Taxes Late… What Happens?

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…

By Riley Rose, 4 yearsMarch 31, 2021 ago
Teaching Riley Videos Videos

3 Awesome Benefits of Filing Your Taxes Early

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…

By Riley Rose, 4 yearsMarch 3, 2021 ago
Teaching Riley Videos Videos

What is an RRSP and How To Use It To Maximize Savings

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…

By Riley Rose, 4 years ago
Teaching Riley Videos Videos

Benefit of Incorporating: Ability to Pay Yourself in Dividends

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…

By Riley Rose, 4 yearsJanuary 21, 2021 ago
Covid Resources Teaching Riley Videos Videos

How to Deduct Home Office Expenses

In a year with more people working from home than ever, many might be questioning if or how they can deduct home office expenses. Yes, if you’ve been working predominantly from home, you can deduct some home office expenses against your income. However, there are some things to consider and Read more…

By Riley Rose, 4 yearsDecember 16, 2020 ago
Teaching Riley Videos Videos

How to Make Free Money and Get a Tax Deduction?!

This time of year, many businesses make donations to charities. This is a great way to support causes you believe in, while simultaneously getting a tax deduction. But, there are a couple of ways you can do this… One of them allows you to make free money (not pay tax Read more…

By Riley Rose, 4 yearsDecember 4, 2020 ago
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