Use RRSP’s to Help You Buy a New Home or Better Education

Use RRSP’s to Help You Buy a New Home or Better Education

RRSP’s have some cool tools to help you buy your first home or help towards paying for a post-secondary education. The programs are called: the Home Buyer’s Plan (HBP for short) and the Lifelong Learning Plan (LLP for short). Here is how they work:

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RRSP’s – Are they for you?

RRSP’s – Are they for you?

RRSP’s, as attractive an investment for your retirement as they are, may not always be the best course of action for you. Why? There may be certain factors involved. Here are some highlights of what I mean:.

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RRSP’s – How do they work?

RRSP’s – How do they work?

Since we are coming into RRSP season, it’s time to take a look at RRSP’s. Many people know what RRSP’s are, but they do not know how they work or even know if it is a suitable product for them to use.

So, it begs the question – what are RRSP’s and how do they work?

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Vehicle Expenses in Canada

Many proprietorships, partnerships and limited companies rely on a vehicle to conduct business. Real estate agents, small restaurants, construction contractors and sub-contractors, to list some, use a vehicle to see clients and carry supplies. So what are the requirements and eligible vehicle expenses available to business? Here are some guidelines to help you:


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Meal Expenses for Businesses – Tax Savings

Meal Expenses for Businesses – Tax Savings

It’s time to broach the subject of meal expenses for businesses. I have seen too many people in an audit be hurt by this claim, because they do not fully understand the rules surrounding it. I had a brand new client come to me in the summer of 2010 asking for help with an audit of which they were hammered by disallowed expenses. They asked me if I could help them overturn some of the expenses that were disallowed, including a 90% reduction on eligible meal expenses. With a diligent assessment of their situation, I had to tell them that I could not effectively correlate the meal claims to the clients because the bookkeeping on the matter was so poor, and that they didn’t follow the rules outlined by the CRA. As a result, there would be no defense against the disallowed claim. I knew most of the meals were legitimate claims, but I couldn’t “prove it”. Burden of proof for meals, as any business expense, is what the CRA demands.

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TFSA’s – Beware of Being TAXED

TFSA’s – Beware of Being TAXED

Tax Free Savings Accounts, or TFSA’s as they are better known, is Canada’s newest way to save money without having to pay tax on the interest. Introduced by the federal government January 1, 2009, an individual is allowed to contribute a maximum $5,000 to the account per year. As stated in my first blog, posted March 6, 2011, any open contribution room from previous years can by carried forward indefinitely until you max out the contribution space in your TFSA.

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