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TFSA vs RRSP – What you need to know!
- Posted by:
- Category: Tax Advise, Tax Planning
No CommentsTFSA vs RRSP – What you need to know! TFSA – Tax Free Savings Account – is an account that does not apply taxes on any contributions, interest earned, dividends, or capital gains, and can be withdrawn tax free RRSP – Registered Retirement Savings Plan – is a retirement savings plan that you establish, that is registered
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Tax-free savings account. A smart way to save.
- Posted by:
- Category: Tax Advise
We wanted to discuss a few quick facts about the Tax-Free Savings Account (TFSA). The annual TFSA dollar limit for the year 2019 is $6,000. Q) Can I take advantage of TFSA? A) TFSA is available to all Canadians, 18 years and older. Q) What is the main benefit of having a TFSA versus a regular savings account?
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Starting a new Business? Here is what you need to know
- Posted by:
- Category: Finance & accounting
STARTING YOUR OWN BUSINESS? Here is what you need to know The Canada Revenue Agency provides a Checklist for Small Businesses to help you understand each stage of your business cycle. Find out more here. Feel free to contact us and book a free consultation today. -
Qualities of a Good Accountant
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- Category: Tax Advise
Calgary Accounting An accountant’s work needs a certain level of level-headedness. They have an oriented environment where small mistakes can harm the business, how decisions will be made, and the overall financial health of the company. In this article, we will talk about the qualities of a good accountant. 1. Client-centric An accountant must understand
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TAXATION OF BITCOIN AND OTHER CRYPTOCURRENCIES
- Posted by:
- Category: Capital gain/loss
The meteoric rise, and subsequent tailspin, in the price of bitcoin has incited rampant investment in cryptocurrencies. Over 1,400 coins or tokens are now in “circulation”. Often lost in the resplendence and chicness of buying and selling cryptocurrencies are the tax consequences. At a basic level, cryptocurrencies (or “crypto”) are property for purposes of the -
DONATING CAPITAL PROPERTY?
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- Category: Capital gain/loss
When capital property is donated, there is a disposition for tax purposes, which may result in a capital gain. The fair market value (FMV) of the property donated is used as the proceeds of disposition, and as the amount of the donation. In some circumstances it may be helpful to designate the proceeds amount to -
When to Incorporate your Proprietorship?
- Posted by:
- Category: Tax Advise
In our opinion, you should incorporate your proprietorship once it has proven to be a viable business and once it has begun to generate cash in excess of your living requirements, so that you can take advantage of the tax deferral opportunity available in a corporation. Once you have satisfied the above two criteria and incorporate, you will then also -
TRANSFERRING CAPITAL LOSSES TO A SPOUSE – YEAR END TAX PLANNING TIP
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- Category: Finance & accounting
Capital losses can be transferred to a spouse or common-law partner by selling the loss shares, and having your spouse purchase those shares within 30 days. You are denied the superficial loss, but the loss amount is used to increase the cost basis of your spouse's investment. Your spouse must hold the shares for more than 30 days for -
KEY FACTS YOU SHOULD KNOW ABOUT T4 SLIPS
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- Category: Tax Planning
Employment income is included on a T4 for the year in which it is received, not earned. If a payment is made in January 2012 for wages earned in December 2011, this amount will be reported on the 2012 T4, not on the 2011 T4. A T4 slip must be completed for each individual who -
TAX PLANNING TIP FOR YEAR END: ASSET PURCHASES
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- Category: Tax Planning
No matter if your business is operating through a proprietorship, partnership or corporation, the following planning can save you money.If you’re planning to purchase capital assets in the near future, consider doing so before the end of your fiscal year (this applies more to business with the year end December 31, 2012 which is coming
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