Tax Free Money
While generally you need to consider the tax implications when you received funds, here are some areas where funds can be considered tax free. Note this is not meant to be an idea for our governments – so if you…
Tax on Employment Income
When you earn income from employment, this is generally taxable. It is important to capture your employment income on your personal tax filings. Employment Income Income will be reported on your T4 slips (or T4A for commission employees). This should…
What’s New? Tax Changes for 2018
As we move through governments and changes in the economy, legislator continually change the tax rules. At Shajani LLP Chartered Professional Accountants, we keep up with these changes. There are a number of changes to the 2018 personal tax filing that…
Time to File Your 2018 Personal Tax Return
The 2019 tax filing season is now here and you should be getting ready to file your 2018 personal taxes. This year has seen some changes and has also provided some strategic opportunities for our clients. Due Dates Generally, your…
Retirement Income Planning
A transition into retirement should be accompanied by an income plan for this phase of life. A good understanding of taxes in retirement will facilitate tax saving strategies. A retirement income plan should be planned to pay less tax, maximize…
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…
