Estate Planning
Dealing with a RRIF Account Upon Death
Naming a beneficiary on your RRIF account allows you to avoid probate fees as your RRIF account upon death will not be part of your estate. If you have a RRIF, it’s important to make […]
Tax Planning
Tax Planning
Understanding RRIF Minimum Withdrawal Rate
At the end of the year you turn 71, your RRSP matures and you must convert it to a Registered Retirement Income Fund. Each year, a minimum amount based on a percentage must be withdrawn […]
Tax Planning
Splitting Income with a Spousal RRSP
Spousal RRSP allow tax payers to effectively split income and save on tax. This is especially true when there is a large income disparity between spouses. Spousal Registered Retirement Savings Plan are opened in the […]
Tax Planning
Withdrawing from a RRIF
At the end of the year you turn 71, your RRSP matures and you must convert it to a Registered Retirement Income Fund. Withdrawing from a RRIF is based on a minimum percentage that would […]
Tax Planning
Participating in the Home Buyers’ Plan
Thinking of buying your first home using your RRSP funds? You can withdraw your funds under the Home Buyers’ Plan without worrying about withholding tax. […]
Tax Planning
RRSP Withdrawals for Educational Purposes
Have you thought about going back to school? The Lifelong Learning Plan can help make your dreams a reality by providing you a tax-free withdrawal from your RRSPs. […]
Tax Planning
Withdrawing from RRSPs
Withdrawing from your RRSP is usually discouraged as withdrawals are meant to happen when you’re in retirement and at a much lower tax bracket. Your options are as follows. […]
Tax Planning
Opening an RESP to fund your child’s education
Learn about the importance of starting to invest early for your child’s education and how to take advantage of government grants […]
Tax Planning
Automobile Benefits and Standby Charge
The company car may not be a free ride as tax consequences could arise for the employee […]
Tax Planning
Filing Your Taxes & Tracking Deadlines
Any Canadian who has had taxes withheld from their pay must file a tax return in order to receive a tax refund. Whether you’re an individual, partnership or a corporation, it’s important to be aware of tax season and deadlines. […]