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…
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…
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…
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…