Tax Minimization

What is a Pension Adjustment (PA)?

By Sean Cooper / September 28, 2011 /

Whether you’re a member of a defined benefit (DB) or defined contribution (DC) pension plan, you’ll receive a pension adjustment (PA) each year. It’s important to understand what a PA is because it affects the maximum amount you can contribute to your RRSP each year. Let’s explore the PA, how it affects RRSP room and…

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Children and Capital Gain in Cottage Country

By Guest Blogger / April 20, 2011 /

This is a guest post by Sustainable PF. Nothing reminds Canadians of jovial summer moments like the smell of a camp fire, the ­sound of a loon call, a cool beverage on a deck at sunset or the crisp shock when diving into a lake in May like the time spent at the family cottage. …

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StudioTax Review

By Clark / March 23, 2011 /

StudioTax is free certified tax preparation software for Canadian personal income tax returns. It is provided by BHOK IT Consulting and is now also available for Quebec residents. I have been a user for the last few years and have not found a reason to change or try another free or paid tool. StudioTax suits…

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Converting a Principal Residence into a Rental Property – The Solution!

By FT / February 4, 2011 /

This is a guest article from Kerry, a soon to be Chartered Accountant, who has tips for those who want to convert a principal residence to a rental property. From a young age many of us aspire to own a home. Historically, the investment benefits of home ownership have been fairly significant, particularly here in…

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RRSP or TFSA with a Defined Benefit Pension?

By FT / November 10, 2010 /

With the Tax Free Savings Account (TFSA) introduced a couple years ago, it added quite a bit of complexity with regards to retirement planning.  To the financially savvy, the TFSA was quite the gift as it’s a powerful tool that compliments retirement planning.  One question that relates to the TFSA that I get often over…

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Overseas Canadian Residents and Tax Returns

By Clark / August 17, 2010 /

This is a column by regular contributor Clark Recently, a friend went overseas (the US) on a temporary assignment. He is a perennial last-minute income tax filer and so, I joked that the tax deadline in the US is two weeks before the Canadian one and that he might want to advance his last-minute rush…

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How the Age and Pension Amount Tax Credit Works

By FT / May 3, 2010 /

As I mentioned in the Old Age Security (OAS) clawback article, a reader requested an explanation of the various seniors benefits in Canada.  While I’ve explained some income sources (oas and gis), lets get into a couple popular tax credits. Age Amount Tax Credit This tax credit, as the name suggest, is for seniors age…

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Preparing for the Income Tax Deadline: Small Business/Rental Properties

By FT / April 19, 2010 /

As mentioned in my last article about preparing personal taxes for the income tax deadline, there are a few differences between preparing to file your business/rental return and personal taxes. If the business is a sole proprietorship, then the business and personal tax are both filed together.  If the business is a corporation, then the…

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