The lifetime maximum amount you can contribute for a child into an RESP is $50,000. Assuming a rate of return of 5 per cent for 17 years, and that the child starts a post secondary school education at age 18, if you contributed the full $50,000 to the RESP upfront, that amount would have grown Read more about What’s better for an RESP – Lump sum payment, or annual contributions?[…]
Late-filing penalty If you owe tax for 2015 and do not file your return for 2015 on time, CRA will charge you a late-filing penalty. The penalty is 5% of your 2015 balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months. http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/ntrst/menu-eng.html Interest Rates on Balance Owing: The interest rate Read more about CRA Late Filing Penalties and Interest on Balance Owing[…]
A small number of investing pros have already built tax-free savings accounts worth roughly $1-million, but the TFSA program is too new for the average investor to be anywhere near that. Patience and perseverance will fix that. Read more…
When you should use a checklist for filing Income Tax Return? Answer: Every year 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 Read more about When you should use a checklist for filing Income Tax Return?[…]
This summer when you’re standing around the barbecue with your business-owner neighbours, impress them with your knowledge of tax planning. I can tell you from experience that you’ll bore them to tears with the conversation, but they’ll thank you later when the tax savings start rolling in. Specifically, share with them that holding companies can Read more about How to defer tax by using a Holding company[…]
This attached presentation will give you quick answers to many questions relating to 2015 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 2015 Tax updates – 2015 Tax Updates – Rajesh Read more about 2015 Tax Updates[…]
Ontario Executors Face New Probate Filing Rules
New income tax rules for life insurance will come into effect in a little over a year, with significant impact on estate plans. Here are strategies ahead of time…. Read more…..
2016 Combined Rates ( Federal and Ontario) 2015 Combined Rates ( Federal and Ontario) Tax Brackets Tax Rates Tax Brackets Tax Rates First $41,536 20.05% first $40,922 20.05% over $41,536 up to $45,282 24.15% over $40,922 up to $44,701 24.15% over $45,282 up to $73,145 29.65% over $44,701 up to $72,064 31.15% over $73,145 Read more about 2015 and 2016 Combined (Fed and Ont.) Tax Rates[…]
Ontario’s minimum wage is increasing to $11.25 per hour, up from the $11 per hour it has been since June 2014. For students $10.55 per hour, up from the $10.30. This rate applies to students under the age of 18 who work 28 hours a week or less when school is in session, or work Read more about Ontario’s minimum wage increasing as of Thursday to $11.25[…]