It’s available, but forget about calling Still looking to contribute to a Tax-Free Savings Account before the end of the year? If you’re not sure how much contribution room you have available for this year, you’ll have to do some digging. Unlike RRSP contribution...
Time’s running out for these 4 financial strategies It’s already getting rather late in the year to set up financial strategies that will have a tax-saving or other impact for 2015. However, there are a number of items you can attend to before the year is out,...
Income-splitting investment loans to family members High net worth taxpayers in the top income brackets can still cut the tax hit on high-yielding investment returns. Yes, it means becoming a lender, usually to a lower- or no-income spouse, but the tax savings can be...
Yes, you can object to a CRA reassessment If you have received a Notice of Reassessment for your 2014 return from the Canada Revenue Agency demanding more tax or asking you to start quarterly instalment payments, you may have double trouble with the CRA. Here’s what...
A crop of lucrative tax breaks ripe for the picking Every year around this time, I get lots of questions about what kind of tax deductions and credits are available to help you cut your tax bill. So here’s a summary of the more popular tax breaks, along with some new...
Year-end strategies to cut your tax bill During the hectic holiday season, the last thing you want to think about is your tax bill for the year. But there are a few year-end tax tips that could save you a few bucks in tax come next April. Here are some of my...
It’s simply the single best (legal) way to beat the taxman If you don’t have a Tax-Free Savings Account (TFSA) yet, what’s holding you back? It’s quite possibly the best tax shelter now available to Canadians, and it will only get better over time. Almost everyone is...
Use RESPs and tax credits to offset high tuition costs Getting kids off to that first year of university or college is a big move in more ways than one. It’s exciting and stressful and emotional – and that’s just for the parents! As the universities like to remind us,...
It’s not all piney woods and gorgeous sunsets The cabin in the woods or cottage by the lake can make a great retreat from the big smoke. But with vacation properties in prime areas pushing a million bucks or more, buying one has become a major financial planning...
…And why a refund isn’t a good thing in the first place If you filed a tax return in April, by now, you’ll have received a Notice of Assessment from the Canada Revenue Agency. Sometimes it’s accompanied by a tax refund cheque. If it’s substantial, it might even feel...
There are better ways to generate retirement income “T series” mutual funds, so named because they are supposedly “tax efficient,” have become a popular type of mutual fund for investors seeking a steady, high annual cash payout. The payout rate is given in the name...
Being frazzled, forgetful, and chronically chaotic is no excuse Sure, the government has given us an extra five days, until May 5, to procrastinate on filing our tax returns. That’s because their computer system was hacked (this is the Canadian government, remember,...