Charitable Giving More Important Than Ever Charitable giving is one way that taxpayers can support a cause or organization close to their heart. In 2020, during a time of COVID, ton here are more worthy causes than ever before and fewer people able to contribute. It has been a difficult year for so many. As…
PREPARE NOW! SAVE LATER! Are you going through a separation or divorce? It is critical to negotiate certain income tax return items in your separation agreement. The Eligible Dependent Amount was worth $3,747 in tax savings (refund) to an Alberta parent in 2019. The credit is available federally and, in most provinces, as well. Single…
With the end of the year, our thoughts turn to resolutions. If you do not consistently contribute to an RRSP or haven’t previously contributed, it may be the time for a new year’s resolution!
Could the 2019 Federal Budget Help Those Separating? In the past, the Home Buyers’ Plan (HBP) has allowed first-time homebuyers to withdraw up to $25,000 from their Registered Retirement Savings Plan to purchase a home without having to pay tax on the withdrawn amount (Budget 2019 proposes to increase the HBP limit to $35,000 per…
Do You Understand the Benefit of a TFSA? Many Canadians still don’t understand the benefits of a TFSA. MoneySense Magazine reported that only 1 in 5 Canadians can truly explain a TFSA. This acronym stands for Tax Free Savings Account; many of us believe that the government should have more appropriately named it the Tax…
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