The following are some ideas for individuals and business owners to reduce income taxes as 2024 draws to a close. Individuals should consider doing their RRSP contributions before the RRSP rush in the first 60 days of 2025. You can get better values by buying today than when all the

A letter arrives from Canada Revenue Agency (CRA). You are being audited. Panic ensues as you wonder what you did wrong and why the CRA is targeting you. ‘There must be bigger fish to fry,’ you might say to yourself. The first thing you need to do is relax and

Sole proprietorships are the most basic form of business organization. They are actually an extension of the person and are taxed as such. Due to its simplicity, many business start-ups begin as this form of organization. As your business grows, there are numerous taxation benefits to setting it up as

Canadians have various existing tax reduction opportunities to consider for their own personal situations and one NEW strategy arrives this spring: First Home Savings Account (FHSA).   The FHSA has a few unique features versus the already existing Home Buyers Plan. To start, any Canadian over the age of 18

Freelancer, self-employed, contractor, independent, temporary or gig worker and entrepreneur are all terms used to describe sole proprietors. While sole proprietorship isn’t new, it is most definitely on the rise. Sole proprietorship – popularly referred to as “gig work” or the “gig economy”- is fast becoming a thriving industry in

The latest Federal Budget included an administrative rule change1 that allows CRA to automatically send you notices electronically without your prior permission or registration. The risk, as noted in the recent case of a B.C. taxpayer, is this may lead to penalties for TFSA over contributions. It is your responsibility

Over the past year, economic stresses worldwide have resulted in many employees receiving severance packages and being advised that their services are no longer required. The longer you’ve been employed with an organization, the higher your severance package will be. With the national job market still experiencing varying levels of

Carl and Cathy are well aware of the substantial tax advantages of making charitable contributions as well as the good feeling they get by helping their favorite charity. In addition to their annual contributions, they would like to bequeath more substantial amounts to their chosen charity in their wills. Some

Do you know the real rate of return on your investments? Generally, Canadians measure the success of their investments based only on the rate of return. While it provides a good snapshot of whether an investment is doing well or not, it is not the only criterion for a true

Similar to the situation of individual Canadians, small business owners must deal with a variety of financial challenges in order to grow their businesses. Besides managing issues like cash flow and assets, small businesses must also think about taxes on income.   Without a doubt, tax return filing can be