Small business owners are always looking to save money, including with taxes. The government wants to stimulate business activity, so they allow Canadian businesses to deduct certain expenses from their tax returns. Many business owners know about simple...
Physical and mental disabilities make it challenging for individuals to maintain financial security or work. A Registered Disability Savings Plan (RDSP) gives disabled citizens a way to save money. Individuals wondering, "What is an RDSP?" may be eligible to start a...
One of the most important things on Canadian citizens' minds is planning for retirement. Fortunately, Canadians can choose between several account types to help them pay for retirement. A Life Income Fund (LIF) can help you smartly save for retirement. The team...
Inflation in Canada ballooned to 5.7% this February, the highest the country’s inflation rate has been in 30 years. Unfortunately, that spike has caused the cost of living to skyrocket, and Canadians will see the impacts everywhere they look. Gas, groceries, and other...
Many Canadians face the prospect of disability, either now or in the future. The fear of losing the ability to support their families, plan for their retirement, and achieve their life goals can be overwhelming. They often ask, "how does the disability tax credit...
A tax-free savings account, or TFSA, is a type of Canadian savings account that holds different kinds of investments and allows tax-free withdrawals. Canadians over the age of 18 with a valid social insurance number (SIN) are welcome to open a TFSA for any reason....
Do you live in Canada and have dependants? Don’t forget to claim your tax deduction. Most Canadians know that spouses and children qualify as dependants with the CRA (Canada Revenue Agency). Did you know, however, that under certain circumstances other family members,...
Discover whether you can claim business expenses on your tax forms even if your business did not generate any income last year. For Canadians with one source of employment income, tax laws, forms, and procedures seem relatively straightforward. However, once you own a...
RRSPs are one of the best options for Canadians looking to invest in their future. However, just like any other retirement savings plan, it’s vital to understand the RRSP pros and cons before deciding if it’s the right option for your financial situation. Table...
The Medical Expense Tax Credit (METC) is a non-refundable tax credit that allows you to claim back a portion of your medical bills and health insurance costs as a tax credit. It's important to note that because it's a non-refundable tax credit, you can only use the...
