With the new year here, you now have additional TFSA contribution room

With the calendar turning to 2017, every adult will be allowed to contribute an additional $5,500 to their tax-free savings account. That means another $5,500 can be invested and the gains will never be taxed. If you have been an adult since the TFSA was initiated in 2009 the cumulative contribution total is now $52,000; […]

When to Incorporate your Proprietorship?

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 […]

Qualities of a Good Accountant

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 […]

Tax-free savings account. A smart way to save.

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? […]

TFSA 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is an account that does not apply taxes on any contributions, interest earned, dividends, or capital gains, and can be withdrawn tax free RRSP – Registered Retirement Savings Plan –  is a retirement savings plan that you establish, that is registered by CRA, and to which you or your spouse or common-law […]