Capital gains tax, Nazim, might apply to some of your assets. If you own non-registered stocks or a rental property, for example, they might be subject to a…
Read more Should you buy life insurance to pay for tax owed upon death? – 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 – MoneySenseTFSA day trading: Do you pay tax? Tax-free savings accounts (TFSAs) are mostly tax-free. When you buy and sell an investment for a profit, that is generally tax-free…
Read more When are TFSAs and RRSPs actually taxable? – MoneySenseThe basic personal amount The age amount Amounts for spouse and dependents Adoption expenses CPP and/or QPP contributions Employment insurance premiums Home buyers and home accessibility amounts Digital…
Read more How to fill out a personal tax return for 2023 – MoneySenseWhen you contribute to an RRSP, you must claim the contribution on your tax return for the year. That is, you report the fact that a contribution was…
Read more Should you hold onto unused RRSP contributions? – MoneySenseFirst, a quick refresher on these registered accounts: RESPs provide a tax-advantaged way to invest in your children’s or grandchildren’s future education. Contributions to an RESP account and…
Read more Are RESP contributions tax-deductible? – MoneySenseA corporation’s investment income is generally taxable at between about 47% and about 55%, depending on the corporation’s province of residence. This includes interest, foreign dividends and rental…
Read more How is passive income taxed in Canada? – MoneySense
