At a time when Canada, just like every other country, is looking for highly skilled workers, our tax rates make it more difficult for them to choose to…
Read more How high tax rates hurt the economy – MoneySenseThe tuition tax credit Claim the tuition credit to receive a non-refundable credit worth 15% of your tuition claim on the federal portion of your taxes. Provincial tax…
Read more School tax: What can you claim as a deduction on your annual income tax? – MoneySenseWithdrawing from an RRSP before age 70 Are you thinking you’d like to withdraw everything from your RRSP before starting your OAS or age 70? This way, if…
Read more “We’re set for life. Should we cash out an RRSP?” – MoneySenseI am guessing you have downsized your home to move to a condo and now have money to contribute more to your registered retirement savings plans (RRSPs) as…
Read more Should you max out your RRSP before converting it to a RRIF? – MoneySenseUnless taxpayers make a request, there are no withholding taxes on the minimum RRIF withdrawal. This can result in the Canada Revenue Agency (CRA) requesting quarterly tax installments…
Read more How to cope with the RRSP-to-RRIF deadline in your early 70s – MoneySenseA tax deduction is often better than a tax credit because it reduces your taxable income. When you decrease your taxable income, you may save 15% to 54%…
Read more Work-from-home tax credit: What Canadians can claim for 2023 – MoneySenseMaybe that money is already spoken for. Many Canadians are struggling financially right now, so a bonus or salary increase might simply help cover the rising cost of…
Read more How are bonuses taxed in Canada? – MoneySense
