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TFSA planning

What you need to know about TFSAs You may have a tax refund coming. Or you might have excess cash saved up because you’ve spent less during Covid. Or you’ve received an inheritance. Don’t let that cash sit around! Consider contributing to a Tax-Free Savings...

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Tax deductions, credits, and changes for 2021

Last minute tax tips, and key federal budget proposals The April 30 tax filing deadline is just a few days away. But you still have time to ensure you get every tax break coming to you before you have to file. In addition, the April 19 federal budget made some...

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Home, sweet office deductions

Deducting pandemic-related home office expenses  The Covid-19 pandemic and associated government-mandated lockdowns and “stay-at-home” orders have resulted in a great deal of financial stress for individuals, families, and small businesses. So this tax season, it’s...

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Realtors can now set up professional corporations

Tax-deferral, income-splitting among key benefits. For higher-bracket real estate professionals, the personal real estate corporation (PREC) is an idea whose time has come. Here’s why.  Doctors, lawyers, dentists, and other regulated professionals have long...

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Cottage sale tax tips

How to cut the capital gains tax hit Thinking about selling the cottage, cabin, or lakeside getaway? Plenty of people are, especially those of the Baby Boom generation who are finding that maintaining two properties is increasingly time-consuming, tiresome, and...

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Steps to successful estate planning

Peace of mind in the pandemic year Financial planning is all about preparing for the future. That covers a lot of ground, of course, from retirement planning to estate planning. Even in the best of times, it’s prudent to have a solid estate plan in place, so that...

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Getting set for RESP withdrawals

Time to pay the post-secondary piper Around about this time of year, the great Canadian university hunt gets into full swing. Universities make the rounds at high schools and fairs, looking to entice students to their schools. Students and parents make the rounds,...

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How to get tax-free money in 2020

These plans will help you create tax-free dollars If your New Year’s financial resolutions have already evaporated, despite your best intentions, you might try just one more: create tax-free dollars. There’s no special magic involved here. Nor is there any...

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Year-end money management strategies

These tax and investment tips could save you a bundle Year-end is fast approaching, and with the holiday season getting into full swing, you probably won’t want to think about investments and taxes. Still, there are a few tax and investment moves you could make...

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Cottage tax traps

Getting away from it all with the CRA Cottages and cabins in the woods or by the lake are an iconic Canadian getaway. Most owners of recreational property happily deal with maintenance issues for the chance of that glorious sunset, water-skiing, or a dip in the...

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When the CRA comes calling

Refunds and reassessments Around this time of the year, most taxpayers who filed a tax return in April will be receiving a Notice of Assessment, perhaps with a refund cheque, or what’s worse, a Notice of Reassessment, often with a demand for more tax payment. It’s...