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You may want to set up a spousal or common-law partner RRSP since this type of plan can help ensure that retirement income is more evenly split between both of you. The benefit is greatest if a higher-income spouse or common-law partner contributes to an RRSP for a lower-income spouse or common-law partner. The contributor receives the short-term benefit of …
A recent data from tradingeconomics.com indicate that Canadians are saving more. The said data shows that the second quarter of 2017 saw an increased in the Household Savings Rate in Canada from 4.30 percent in the first quarter to 4.60 percent. From 1981 until 2017, the Personal Savings in Canada averaged at 7.44 percent. The highest was recorded at 19.90 …
Residents of Canada are generally taxed on their worldwide income. For many, this includes income earned from business, property, or employment in another country. In most cases, income earned abroad will be subject to taxes in the jurisdiction where it is earned. To ensure that foreign income is not subject to double taxation, the foreign tax credit provisions found in …
Since Luca Pacioli, the wandering Franciscan monk and mathematician, published the first accounting work in 1494, accounting has been considered the language of business. Accountants, as users of this language, play a critical role in the business world, from managing portfolios, monitoring company’s financial status, maintaining company’s book, preparing tax returns, to even forecasting future opportunities. The right accountant is …
Find the right strategy for selling your business or handing it over to someone else, whether it be an employee, a family member, a friend or another entrepreneur. Why Plan For Business Succession? A good succession plan will help the transfer of your business go smoothly, and allow you to maintain good relationships with employees and business partners. Succession planning …
As a Corporate Business Owner, The Choice Is Yours A small business owner who has set up a corporation can pay herself a salary or she can receive pay in dividends. (She can pay herself a mix of both, too, but let’s keep this explanation simple for the moment.) Each way of paying yourself from a corporation has advantages and …
When people choose self-employment, they are often attracted to the challenge and excitement of creating a business they are passionate about. They may look forward to a more flexible work schedule, or the possibility of earning more than they did as an employee. The one thing most people don’t get excited about is keeping track of all their expenses and …
Many expenses can be claimed on a tax return if you’re self-employed. How can you save the most money? By knowing what deductions you’re eligible to receive. If you work for yourself and report a business income, you have the good luck of being able to deduct several expenses on your tax return for the self-employed. The Canada Revenue Agency’s …
If you are self-employed or the spouse or common-law partner of someone who is, the deadline to file your 2016 income tax and benefit return is midnight on June 15, 2017. The legislated due date for any balance owing is April 30. However, since that date is a Sunday in 2017, the Canada Revenue Agency (CRA) will consider your payment …
One way to financial independence is having a successful business. There are an endless number of business possibilities, including turning a hobby or a special skill into a business, selling goods in a store or on the internet, or having a website which can earn advertising revenue. The only limitation is your imagination. In order to run a successful business, …
