Do you plan to take advantage of RRSP contributions for the 2014 tax year?
In planning for your retirement there are many factors that you need to consider as part of your planning.
RRSP contributions deadline is approaching for your 2013 tax returns. RRSPs are beneficial for individuals and for owners of unincorporated businesses as it will lower your overall tax rate. To determine the amount you may contribute this year, refer to your last notice of assessment or please contact Richard Rizzo at (905) 633-6332 or email … Continued
December is the perfect month to get your finances in order for the 2012 tax year. Please consider some of these tips to find tax savings for 2012 and to prepare for a healthy financial situation in 2013. Tax loss investment selling This is a good time to sell investments that accrued losses in 2012 … Continued
By the time entrepreneurs have processed all their facts and figures and responsibilities, they are often tempted to postpone any personal investments, preferring instead to depend on their business equity to finance their retirement. This isn’t always the best course of action. A recent TD Canada Trust poll indicated that most small business owners in … Continued
When you start preparing your income tax return, don’t do what many small business owners tend to do when they search for potential income tax deductions: neglect the Registered Retirement Savings Plan (RRSP) — one of the best income tax deductions. The RRSP is the best income tax deduction for unincorporated businesses given that your … Continued
What is a Registered Retirement Savings Plan? A Registered Retirement Savings Plan (“RRSP”) is a tax-deferred retirement savings plan that is registered with the federal government. The concept behind it is that you contribute an amount to an RRSP and, in return, you receive a tax deduction for the amount of your contribution. Contributions to … Continued