Taxation
Canada Reduces Tax Rates for Small Businesses
The Canadian government has continually shown support for small businesses in several different aspects. The federal budget revealed earlier this year in April confirms that the government is always striving to help its entrepreneurs. Along with a new TFSA contribution limit and lower RRIF withdrawal minimums, the budget also announced that the Conservative government has…
New TFSA Limit Reaches Close—But Not Quite—to Proposed $11,000
Last month, the federal budget revealed that the new Tax-Free Savings Account (TFSA) limit had been raised from $5,500 to $10,000 per year. While this is nearly doubled the original limit, it falls short of the expected $11,000. Still, the 82% increase in contribution room will have a significant change in your financial planning. In…
Tax-Free Savings Accounts (TFSA)—Myths and Tips
Today, I want to talk about a relatively new investment tool—the Tax-Free Savings Account (TFSA). The Tax-Free Savings Account was launched in 2009 and many people are becoming aware of it today. But how much do you really know about them? What are the rules you need to follow? What is the right time to…
Tax Free Savings Accounts and Deferred Sales Charges
There is a potential time bomb lurking in Tax Free Savings Accounts (TFSA) that have investments in them that were purchased using a Deferred Sales Charge (DSC) compensation model. When I did the math on this, it just reinforced my rationale for encouraging advisors to invest their clients money using no-load investments. The best way…
Highlights of the 2010 Federal Budget
The 2010 Federal Budget was delivered as Canada and other nations are slowly working their way out of the recent global recession. While Canada experienced less of a decline than other countries, the Canadian economy still has some work to do before it will fully get back on its feet. As expected, this is very…
Canadian Charities – Good Giving…
Canadian charities had a rough year according to Statistics Canada. Donations were down 5.3% as recession-wary Canadians cut back on support for their favourite causes. There is still a window of time left to help a charity that means something to you. If you do decide to give, make sure you take a smart approach…
TAX TIP – 100% Write Off for Computer Equipment – Limited Offer!
The 2009 Federal budget announced a temporary 100% Capital Cost Allowance (CCA) rate for computer equipment and systems software. Computer equipment or systems software purchased after January 27, 2009 and before February 1, 2011 will be eligible for the 100% CCA rate, provided that the equipment and software would otherwise be included in Class 50…