Articles

As summer winds down and Canadian students start heading back to school, what better time than now to take a closer look at tax reduction opportunities for your children and grandchildren. In part 1 of  2-part series, we take a look at the tax options you have during your child’s first years.  RESPs For many, … Read more

In the final article of our three-part series exploring the three pillars of tax-efficient investing, we look at income conversion. Please be sure to check out the first two articles – income deferral and income splitting. Income Conversion With income conversion you can receive tax-advantaged rates in your non-registered portfolio. Because different types of income … Read more

In the second of a three-part series exploring the 3 pillars of tax-efficient investing, we look at the important role of income splitting in your overall tax plan. Previously, in part 1, we looked at income deferral. Income Splitting The basic principle behind income splitting is to reduce the overall family tax bill by shifting … Read more

With income tax season just around the corner, now is a perfect time to review your portfolio of investments to ensure you’re minimizing the income tax it triggers. In creating a tax-optimized plan, keep in mind the 3 key pillars of tax-efficient investing: Income Deferral Income Splitting Income Conversion In the first of a three-part … Read more

If you operate a small business, there are a number of things you can do today to make sure you save money on your income tax bill tomorrow. Here are the top 5 tips to get you started. 1. Keep accurate and reliable financial records One of the best ways to save money on your … Read more

Most taxpayers are just thankful to have the opportunity to shelter some income in an RRSP. They usually make their once-a-year installment immediately before the last minute deadline on March 1. Then they forget about it until the next year’s deadline rolls around. Of course, that is better than doing nothing, but an investment as important … Read more

Have you prepared a will?  Undoubtedly, you know that you need a will but did you know that your will is only part of an effective tax plan to protect you and your beneficiaries? Read on to find out how with proper tax planning you can minimize the tax bill on your estate.  Who should prepare … Read more

A 2012 BMO study, conducted by Leger Marketing, found that while about two-thirds of Canadians are knowledgeable about registered retirement savings plans (RRSPs) and tax-free savings accounts (TFSAs), 40% of Canadians remain unclear on the differences between the two. Do you know the differences? Do you know which works best for your situation? Just in … Read more

Canada Revenue Agency (CRA) has announced that it is discontinuing its TELEFILE service. TELEFILE is a telephone-based service that allows individuals to file simple tax returns over the phone. Canadians are still able to file individual tax returns over the Internet using the CRA’s NETFILE service.  If you are looking for assistance in filing your taxes, … Read more

If you have workers or not, Bill 119 will impact you. This new legislation brings significant changes for all construction business owners, contractors and subcontractors. Starting January 1, 2013, nearly everyone working in Ontario in the construction industry must have workplace safety and insurance coverage from the Workplace Safety and Insurance Board (WSIB). Some action … Read more