TFSA
By Nizam Shajani, CPA, CA, MBA Tax free savings accounts were introduced in 2009 and allowed contributions for each individual over the age of 18 of: $5,000 annually for years 2009 through 2012; $5,500 for years 2013 and 2014; $10,000…
Suspended Losses for Corporations, Trusts and Partnerships
By Nizam Shajani, CA, MBA November 20, 2020 While losses in your corporation, trust or partnership are undesirable from a conventional perspective, they can be valuable from a taxation standpoint. This is because depending on the type of loss incurred,…
Investing in Real Estate in your Corporation
Investing in Real Estate in your Corporation By Nizam Shajani, CPA, CA, MBA June 1, 2020 A strategy for investing may include using pre-tax dollars to purchase an investment. Investing in real estate in your corporation is less expensive…
Insurance Strategy for Retirement Income for Business Owners
Retirement savings strategies for small business owners need to evolve with the changing tax landscape. The 2018 federal budget may have significant impacts on the corporate tax rate charged to businesses with a new claw back rule on the small business…
Individual Pension Plans – You down with IPP?
An individual pension plan is a retirement vehicle commonly set up for owners of private corporations. The corporate set up is imperative as non-incorporated organizations such as partnerships and sole-proprietors would not be eligible for an individual pension plan in Canada.…
Tax Planning with RRSPs
Contributions to RRSP accounts made before February 28thcan be considered for tax deductions to an individual’s personal income for the previous year. This deadline often conjures up thoughts on retirement planning along with investing in pension plans. Before considering a…
RESP 21 Year Plan
Registered education savings plans managed effectively will allow for $7,200 in the Canada Education Savings Grant (CESG) for education purposes towards a child’s education that can grow tax deferred. The CESG is based on 20% of a $2,500 contribution made…
RESPs – Registered Education Savings Account
An RESP is an education savings account that is registered with the Government of Canada for parents (grandparents, other family members and friends) who want to save for a child’s education after high school. The plan can be opened for…
TFSA – Tax Free Savings Accounts
Tax free savings accounts were introduced in 2009 and allowed contributions for each individual over the age of 18 of $5,000 annually for years 2009 through 2012; $5,500 for years 2013 and 2014; $10,000 for year 2015; $5,500 for year…
When to invest in RRSPs verses when to invest in TFSAs
An RRSP contribution is most tax advantageous if made during your highest earning years and withdrawn in your lowest earning years. Otherwise a TFSA may provide the better investment vehicle from a tax perspective. RRSP Registered Retirement Savings Plans (RRSPs)…