TAX PLANNING TIP FOR YEAR END: ASSET PURCHASES

No matter if your business is operating through a proprietorship, partnership or corporation, the following tax planning tip for year end 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 […]

KEY FACTS YOU SHOULD KNOW ABOUT T4 SLIPS

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. Here are some key facts explained below that you should […]

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is an account that does not apply taxes on any contributions, interest earned, dividends, or capital gains, and can be withdrawn tax free RRSP – Registered Retirement Savings Plan –  is a retirement savings plan that you establish, that is registered by CRA, and to which you or your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