Personal Taxation

Taking Advantage of Personal Tax Credits: Part 1

By Webmaster|2017-01-02T20:23:17-07:00March 14th, 2013|Personal Taxation|

When filing your taxes, there are numerous personal tax credits available that will help you offset the federal (and sometimes provincial) taxes owing on your tax return. We previously discussed how tax credits affect your balance owing. In this posting we will be providing you with some relevant information about a few of these tax credits. Please note that technical data below has been taken from the Canada Revenue Agency Website at the following link: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns300-350/menu-eng.html Basic Personal Amount [...]

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Filing your personal taxes: The difference between a tax credit and a tax deduction

By Webmaster|2017-01-02T20:23:17-07:00March 5th, 2013|Personal Taxation|

A very common misconception that people have is they believe that tax credits are a tax deduction. It is important to distinguish between the two as both have very different and unique benefits to the calculation of your income taxes. A tax deduction is a reduction in the gross amount on which tax is calculated. In other words, a deduction against your net income for the year to arrive at your taxable income. In Canada, your calculated taxable income is [...]

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It’s RRSP season: Things you should know

By Webmaster|2017-01-02T20:23:17-07:00February 11th, 2013|Personal Taxation|

In Canada, the time frame in which you can contribute to your RRSP account for a particular calendar year runs from March 1st to February 28th of the following year. For example, you can contribute to your RRSP account until February 28, 2013 in order to get the tax deduction on your 2012 taxes. If you have or intend to open an RRSP account there are few things that you should know to best utilize this option that you have. [...]

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Why a Tax Free Savings Account (TFSA) could work for you

By Webmaster|2017-01-02T20:23:17-07:00January 28th, 2013|Estate Taxation, Personal Taxation|

In 2009, the government passed legislation that would allow Canadians an alternative method of saving for retirement. The TFSA was introduced to give people more flexibility with their money. As you know with RRSP's, that money is generally locked in until retirement, that is of course you are willing to pay back the tax savings that you received when you took the RRSP deduction on your taxes. Generally speaking, the TFSA is more of a "pay as you go" type [...]

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Create a retirement plan out of your company by investing excess cash within your corporate accounts

By Webmaster|2017-01-02T20:23:17-07:00January 21st, 2013|Business Management, Personal Taxation|

One of the many advantages of incorporating your business are the long-term benefits that can come with investment of excess assets. You spend a lifetime try to make your company worth something, and when you finally do, you now have excess cash to work with. What many people don't realize is that you can essentially create a retirement plan out of your company. The norm these days is to invest in an RRSP, which brings down your taxable income each [...]

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TD1 – 2013 Personal Tax Credits Return(s) and why you should get these filled out by your employees

By Webmaster|2017-01-02T20:23:17-07:00January 14th, 2013|Business Management, Payroll and Taxable Benefits, Personal Taxation|

Before you embark on your first payroll of the year for your employees, it would be of interest to you to get your employees to fill out a TD1 form for both their federal and provincial portions of their tax withholdings. A TD1 form is a Personal Tax Credits Return. When filled this form can allow your employees to get larger net cheques as their payroll cheques will factor in some tax credits that they will usually receive when they file their [...]

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Personal Taxation

March 14, 2013

Taking Advantage of Personal Tax Credits: Part 1

Filing your personal taxes: The difference between a tax credit and a tax deduction

February 11, 2013

It’s RRSP season: Things you should know

January 28, 2013

Why a Tax Free Savings Account (TFSA) could work for you

Create a retirement plan out of your company by investing excess cash within your corporate accounts

TD1 – 2013 Personal Tax Credits Return(s) and why you should get these filled out by your employees