With tax season looming, this article from Morningstar is a helpful review of how one of the largest investment vehicles taxes the income they make for Canadians.
How Mutual Fund Income is Taxed
All of the data needed in financial planning can seem overwhelming. How much will my CPP be? How much are probate fees? What are my contribution limits? While its hard to condense all of the information that we need over different...
To help you complete your income tax return, below is an overview of the most common Canadian Tax slips and their mailing deadlines. A more detailed outline of all slips can be found here. Please note that these documents reflect the...
Is it better to contribute to a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA)? As one does not replace the other, the best solution is to contribute to both. However, each option has its pros and cons, depending on...
The Tax-Free Savings Account, or TFSA, has been part of the financial landscape of Canadians for almost 10 years, specifically since January 1, 2009. Besides the increase in the contribution limit in 2015, there have been few changes to this tax...
Created in 1957, the Registered Retirement Savings Plan (RRSP) is the best known and most widely used of all tax-sheltered savings methods. RRSPs allow taxpayers to invest for their retirement by deferring income taxes on both the invested capital...
It used to be that if an individual didn’t travel, didn’t drive, or lost their license due to age, you didn’t worry about maintaining their identification. That is no longer the case. Maintaining valid provincial or federal photo id is...
Each year many Canadians rush to complete their taxes in an effort to gain back hard earned dollars that CRA has been holding onto - interest free.
However, in this rush many Canadians forget to include many important tax slips, and this can cause...
