Full the full report from the Fraser Institute here. This year marks the 150th anniversary of Confederation, when Canada came together as a new country and federation. Since then, Canadian prime ministers and their governments have helped shape the country in various ways, many leaving legacies that affect Canadians to this day. Here is an…
In general, most people name their spouse as the beneficiary on their Registered Retirement Savings Plan (“RRSP”). Upon death, the RRSP will transfer to the spouse’s RRSP fund and tax is deferred. What if you also have other assets such as non-registered investments where they have dropped in value and have an unrealized capital…
In 2009, l left a lucrative senior position with a well established and reputable Edmonton CA firm to start my own practice. This was a difficult decision to say the least. Not only did my income stream stop, but considerable capital was required to get things rolling, which I borrowed from a bank along with…
Managing a growing business presents both opportunities and challenges. To avoid future problems, you need a strategic plan supported by a dynamic team to make it happen. Keep these tips in mind when you are trying to juggle a fast-paced and rapidly growing business: Stay focused: The road to success is not always accompanied by…
Currently, workers and employers in Canada pay 4.95% of salaries into the CPP, up to a maximum income level of $55,300 a year. When people retire at the age of 65, they are paid a maximum annual pension of $13,370 under the program. People earning more than $54,900 do not contribute to CPP above that…
The 2017 Federal Budget tabled a number of proposals that will impact the financial, tax and estate plans of Canadians. Tuition tax credit – the eligibility criteria for tuition tax credits has been extended to include fees paid to a university, college or other post-secondary institution for occupational skills courses not offered at the post-secondary…
Deadline The deadline for this year’s tax contribution is March 1, 2018. Contributions made in the first 60 days of the year can be applied against the previous taxation year or in any subsequent year. Maximum Contribution Your allowable RRSP contribution for 2017 is the lower of: 18% of your earned income from…
Rumours continue to swirl that the Liberals plan to raise taxes by cutting back on the break Canadians get from capital gains. The current capital gain inclusion rate is 50%. Examples of properties that incur capital gain taxes upon disposition include: secondary properties, like cottages (principal residences are exempt from tax) investments held outside a…
It is almost time to prepare and file your 2016 personal income tax returns. Here are some changes in 2016 to be aware of: The Family Tax Cut has been eliminated for 2016 and later years. This was a $2,000 non-refundable tax credit up to $2,000 for eligible couples with minor children. Children’s Fitness and…
The focus of our firm is to provide our clients with timely service whenever possible. One of the reoccurring frustrations that we are finding both by our clients and our office, are the lengthy CRA processing times. Below we have provided a list of CRA’s standard processing times for some of the more common returns…