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Latest Tax News

RRSP, part 2: Complications and Tax Implications

Thursday, May 12, 2016

RRSP season is behind the door. Many of you will wonder how to proceed with RRSP: buy, not to buy, how much to buy, what if....and list goes on. I explained before what is an RRSP and some tax consequences in my previous tax news and this is an addition to what I already wrote. This time I focus on withdrawals from RRSP, Home Buyers Plan (HBP), Life Learning Plan (LLP) and Spousal RRSP. More

Gifts / Christmas Party expenses / Awards : Tax Implications

Thursday, May 12, 2016

Christmas and New Year are our next big events and Companies tend to be generous with their employees with regards to gifts and awards. Your company might be like Santa but will CRA be? What are the tax implications you should be aware of when it comes to gifts, awards and expenses on Christmas/End of year parties? More

Tax tips to reduce your 2013 personal income taxes

Thursday, May 12, 2016

December 31 is coming fast and as you all know December 31 is the end date of the 2013 taxation year for individual and most of the self-employed businesses. I have prepared a list of tips that can be used to reduce the 2013 income taxes.  More

EI benefits for Self Employed

Thursday, May 12, 2016

If you are an employee, you are eligible for  EI; but if you are self-employed, you were not. The EI Act has been amended to  make self-employed individual access to the EI program, called EI special benefits. More

RRSP, Part 1: Tax implications

Thursday, May 12, 2016

Registered Retirement Savings Plan ("RRSP") is a retirement savings plan for employees and self-employed people. You or your spouse or common-law partner can contribute to the plan. It does has many restrictions like maximum contributions, maximum deductions to calculate taxable income, timing of the contributions, the assets that are eligible to be under RRSP, withdrawal as well as some tax implications. Any income you earn in the RRSP is usually exempt from tax as long as you keep the money in the plan. Below are some points that I believe you should be aware of. More