Canada, the United States and Mexico have signed a new free trade agreement that may benefit a lot of Canadian consumers wanting to shop online. The new deal, called United States-Mexico-Canada Agreement (USMCA), raises Canada’s duty-free level from C$20 to C$150. It also raises the sales tax from C$20 to C$40. Read more …..https://globalnews.ca/news/4503461/canada-duty-free-limit-usmca/
Ontario has nine public holidays: New Year’s Day Family Day Good Friday Victoria Day Canada Day Labour Day Thanksgiving Day Christmas Day Boxing Day (December 26) Most employees who qualify are entitled to take these days off work and be paid public holiday pay. Alternatively, the employee can agree electronically or in writing to work on the holiday Read more about How much you should pay or be paid for public holidays[…]
A gross negligence penalty (“GNP”) is a discretionary penalty applied by the Canada Revenue Agency (the “CRA”) when the CRA believes that a person has knowingly, or in circumstances amounting to gross negligence, made or participated in the making of a false statement or omission in a return. The penalty is severe and is the Read more about Negligence – The Penalties Can Be Gross[…]
As a result of the new income splitting legislation released on December 13, 2017 , 2017 is the last year for many taxpayers in which dividends could be “sprinkled” to adult family members without attracting tax on split income (“TOSI”). As a result of the new rules, income sprinkling using dividends will likely attract more attention from the Read more about Effective Dating Vs. Backdating[…]
Ah, the married life! When planned well, matrimony can turn into a beautiful, life-long partnership. But prior to tying the knot, many newlyweds fail to ask crucial information about their partner’s life that may place an expiration date on their marriage one day. Before you take the leap into matrimony, sit down for a serious conversation with Read more about 15 questions you should ask before getting married[…]
Since tax laws change every year, it is strongly recommended to update yourself with new tax laws to maximize your tax refunds. Even a change in your family status from the previous year requires different tax planning in current year. The checklist serves as a reminder of what types of payments are deductible or claimable Read more about 2017 Personal Checklist[…]
This attached presentation will give you quick answers to many questions relating to 2017 personal tax return and corporate tax planning. We list major changes to attached presentation, including income tax changes that have been announced but have not become law at this time. Click to view 2017 updates – 2017 Tax Updates
The standard age for starting Canada Pension Plan retirement benefits is 65. However, you can take a reduced benefit as early as age 60 or receive larger benefits by waiting as long as age 70.This calculator offers a rough estimate of whether to it makes sense to take CPP early, at 65 or delay. A Read more about 60 through 70: At what age should you start taking CPP?[…]
Question: Hi, I have my non-registered investments at ModernAdvisor and really enjoy the platform and the service. However, I haven’t opened an RRSP or TFSA yet. The reason is that I’m not sure if I will stay in Canada for the remainder of my career. My question is, what would happen to my RRSP and TFSA if Read more about Leaving Canada with an RRSP & TFSA[…]
Find out what OHIP covers when you’re temporarily outside Canada. Check your health card before you go You should bring your health card with you if you’re planning to travel outside of Canada, but first, make sure it’s still valid. A valid Ontario health card has: not expired your correct personal information on it (e.g. name, birthdate) your Read more about OHIP coverage while outside Canada[…]