RRIF Withdrawals Changes in the rules for RRIFs have reduced the amount that is required to be withdrawn from a RRIF for individuals over age 70. These changes are effective at the start of the 2015 tax year. For persons under the age of 71 the formula of 1/(90-age)...
There are two facets to successful financial transactions. The first is doing only what the law allows you to do. The second is being able to prove what it is that you in fact did. Many people think of the first and end up getting hurt by the second. When challenged...
The British Columbia and Ontario condo markets are hot. More and more people are buying condos as a first home, to downsize, when sending children to university, or as investment properties. Many people buy their condos pre-construction. Construction takes time and...
The Income Tax Act doesn’t just deal with income tax. Part I of the Act is the income tax proper. However, the Act contains other parts that impose specific taxes in particular circumstances. These special taxes are meant to supplement the income tax and make sure...
You Don’t Need to Hire a Tax Lawyer! Tax rules can be extremely confusing. Mistakes can cost you dearly in additional tax, interest, and penalties. One way to safeguard yourself is to use professionals when needed and be conscious of how much you spend on them....
Each country imposes taxes using particular criteria. Canada draws a distinction in how it taxes a person based on whether the person is a Canadian resident or a non-resident. The question of ‘residence’ can be complex, but a Tax Accountant Toronto can help you...
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