• The 2018 Fall Economic Statement – some good news for business

    While there weren’t a great number of tax measures included in the 2018 Fall Economic Statement brought down by the Minister of Finance on November 21, 2018, the tax changes that were announced represented good news for Canadian businesses. Perhaps most notably, several of the measures announced include tax changes which will benefit Canadian businesses […]
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  • Year-end planning for your RRSP and TFSA

    Most Canadians know that the deadline for making contributions to one’s registered retirement savings plan (RRSP) comes after the end of the calendar year, around the end of February. There are, however, some instances an RRSP contribution must be (or should be) made by December 31st, in order to achieve the desired tax result, as […]
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  • The tax year is ending – some planning steps to take before December 31st

    For individual Canadian taxpayers, the tax year ends at the same time as the calendar year. And what that means for individual Canadians is that any steps taken to reduce their tax payable for 2018 must be completed by December 31, 2018. (For individual taxpayers, the only significant exception to that rule is registered retirement […]
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  • The potential tax costs of holiday gifts and celebrations

    The holiday season is usually costly, but few Canadians are aware that those costs can include increased income tax liability resulting from holiday gifts and celebrations. It doesn’t seem entirely in the spirit of the season to have to consider possible tax consequences when attending holiday celebrations and receiving gifts; however, our tax system extends […]
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  • Managing a student loan after graduation

    Getting a post-secondary education – or professional training – isn’t inexpensive. Tuition costs can range from as little as $5,000 per year for undergraduate studies to as much as $40,000 in tuition for a year of professional education. And those costs don’t factor in necessary expenditures on textbooks and other ancillary costs, to say nothing […]
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  • Changes to the Canada Pension Plan starting in 2019

    When the Canada Pension Plan was launched in the mid-1960s, both the working lives and the retirements of Canadians looked a lot different than they do in 2018. Fifty years ago, most Canadians were able to work at a single full-time job, often held that job for most or all of their working lives and, […]
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  • Claiming a deduction for union or professional dues

    Most Canadians deal with our tax system only once a year, when preparing the annual tax return. And, while that return – the T1 Individual Income Tax Return – may be only four pages long, the information on those four pages is supported by 13 supplementary federal schedules, dealing with everything from the calculation of […]
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  • Canadian household debt levels increase – again

    Anyone who has ever tried to reduce their overall personal or household debt knows that doing so, no matter how disciplined one’s approach, can seem like a one step forward, two steps back proposition. It sometimes seems that, just as measurable progress is achieved in one area (an extra payment is made on the mortgage), […]
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  • Taking stock of your TFSA

    Tax-free savings accounts (TFSAs) have been around for nearly a decade now, having been introduced in 2009, and for most Canadians, a TFSA is now a regular part of their financial and tax planning strategies. While TFSAs do not provide the tax deduction that an RRSP contribution creates, the strength of TFSAs lies in their […]
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  • The tax scam that won’t go away

    Tax scams have been around, probably, for about as long as Canada has had a tax system. They also have a tendency to proliferate at certain times of the year — often during tax return filing and assessment season, when it wouldn’t necessarily strike taxpayers as unusual to receive a communication purporting to be from […]
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