Tax Advice

Why a TFSA May Be Better for your Dollar

Investing your hard-earned dollar can be a hard decision to make. There are so many different ways to earn more with less; some that are even tax-free and some that aren’t. So which way will you go – registered savings plan or unregistered? Here are 5 reasons why a TFSA would be a good option for something registered.

Refund or No Refund

Is the tax refund a good thing? It’s a question that spurred a great debate in February’s Knowledge Bureau poll when we asked tax and financial professionals whether or not the withholding taxes that lead to a tax refund should be reduced to help taxpayers save or pay down debt. Did the no side or the yes side win? You’ll be surprised by the results.

CPP and EI Changes

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Both employees and employers will be required to contribute more to CPP, but, retirement, survivor, and disability pensions will also increase. Are you prepared for the changes? We offer payroll packages at affordable rates. Contact us to find out more details!

Carbon Tax

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As of April 1, 2019, a federal carbon tax is scheduled to be imposed in respect of Ontario, New Brunswick, Manitoba, and Saskatchewan. Other provinces have some form of this already in place. This may affect your business more than you know; reach out to us to see how you can mitigate any loss in income.

Accelerated Depreciation

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Recent changes to the 2019 tax year include immediate full depreciation in respect of manufacturing & processing assets, along with clean energy generation and storage assets. Also, an enhanced first year depreciation claim is now available for most other depreciable assets. Should you do the Accelerated Depreciation or stick to the old method?

Travel Expenses: To and From Work

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Travel from home to a regular place of employment is usually a personal expenditure, the costs of which cannot be claimed as an employment expense. There are exceptions to this... Contact us to see if you may qualify!

Childcare Costs

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If there are recreation or education components to your childcare costs, then you may be able to claim the full amount on your tax return.

Investments and Taxes

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RRSP's are designed to allow you to contribute an amount up to your maximum contribution limit and earn higher interest on the amounts. Are you contributing too much or not enough? We can help you figure that out!

2019 Tax Changes

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Starting January 1, 2019, there are a few changes to the way Canadians will be taxed.