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…
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…
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…
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…
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…
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…
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…
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…
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…
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…