Cultivate a Prosperous Future: Year-End Tax Strategies for Farmers
Like farming, tax planning is a year-round activity, and the end of the calendar year is the perfect time to implement strategies to maximize tax savings.
Financial Planning
CPP Enhancement 2024: A Comprehensive Guide for Employers
The Canadian Pension Plan (CPP) enhancement significantly increases pension contributions from employers, employees and self-employed individuals.
Explaining Capital Gains: New Inclusion Rates Simplified.
Whether you sold off assets or hedged your bets before the new capital gains rules kicked in on June 25, understanding these changes is crucial.
2024 Canadian Corporate Tax Rates and Deadlines
Last updated: Apr. 29, 2024
As we wind down another challenging year of dealing with historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly the right time to take steps to minimize your tax burden. For incorporated businesses, this starts with understanding your … Read more
Top 7 Tax Write-Offs Canadian Independent Contractors Should Claim
Last updated: Feb. 28, 2024
As an independent contractor, you’re in control of when you work, who you work for, and how much you charge for your goods or services. But, when you’re your own boss, you’re also in charge of paying your own taxes. Although the Canada Revenue Agency (CRA) clearly defines what it means … Read more
TFSA vs. Personal Account: Which Is Right for You?
Last updated: Feb. 21, 2024
Whether you want to establish an emergency fund, set aside money for retirement, or compile cash for a down payment on a house, you might think your only option is to open a savings account at your local bank. Although a savings account is a fantastic way to save money, there … Read more
Converting an RRSP to an RRIF
Last updated: Feb. 13, 2024
You’ve been saving money for years in your registered retirement savings plan (RRSP) and now it’s time to cash in. You could take out all the money at once if you wanted, but it’s a better idea to convert the RRSP to a registered retirement investment fund (RRIF). The RRIF … Read more
Should I use an RRSP or TFSA as a business owner?
Last updated: Jan. 26, 2024
If you’re self-employed or a small business owner, saving for retirement comes with a unique set of challenges, which may include: You lack access to an employer-funded savings plan. You’re putting as much of your own money into the business as possible. You’re extremely focused on the growth of your … Read more
What is the TFSA Limit for 2024?
Last updated: Jan. 9, 2024
The Canada Revenue Agency (CRA) has announced the 2024 Tax Free Savings Account (TFSA) contribution limit is $7,000. This is up from the 2023 contribution limit of $6,500. Want to learn more about this investment option? Read on to learn the ins and outs of TFSAs – from finding your … Read more