Posted on November 1, 2020
by Danielle
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There are many ways for small businesses to legally reduce their income taxes in Canada. This guide offers some of the top strategies to lower your taxes and keep more money in your business. ARTICLE TABLE OF CONTENTS Always Collect Receipts Manage RRSP and… Continue Reading “Small Business Tax Strategies – Reduce Income Tax (2020)”
Category: Accounting, Corporate Accounting, Entrepreneurs, Female Entrepreneurs, Personal Finance, Personal Tax, Sole ProprietorshipsTags: Alberta Incorporations, Capital Cost Allowance, Charitable Contributions, Collect Receipts, Home Based Business Deductions, Income Splitting, incorporate, Incorporation Services, Lower your taxes, personal accounting, personal finance, Personal Finances, personal income tax, Personal income tax tips, Personal Tax, personal tax tips, personl tax prep, Reduce Income Taxes, RRSP, Should I incorporate?, Tax credits, TFSA
Posted on January 20, 2020
by Danielle
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Registered Retirement Savings Plan (RRSP) An RRSP (registered retirement savings plan) is an investment account that is registered with the Canadian government and is used as a vehicle to save for retirement. An RRSP is different than a typical investment account because it provides… Continue Reading “Financial planning 101: Retirement”
Category: Investing, Personal Finance, Personal TaxTags: affordable accounting, affordable bookkeeping, cheap accounting, cheap bookkeeping, cheap taxes, Edmonton Accountant, Edmonton Accounting, edmonton bookkeeping, LIF, Life Hacks, personal accounting, personal finance, Personal Finances, personal tax tips, Registered Retirement Savings Plan, retirement, Retirement Planning, RRSP, tax planning, Wealth Planning, yeg, yeg accountant, yeg business
Posted on October 24, 2019
by Danielle
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Medical expenses can be claimed on your tax return through the Medical Expense Tax Credit (METC). The Medical Expense Tax Credit is a non-refundable tax credit (cannot bring your taxes owed above 0) which is calculated by taking the lesser of 3% of your… Continue Reading “What medical expenses can I claim on my taxes in Canada?”
Category: Mental Health, Personal Finance, Personal TaxTags: featured, medical, medical tax credit, medical write off, personal accounting, personal finance, Personal Finances, personal income tax, Personal income tax tips, personal tax tips, Personal Taxes, personl tax prep, tax credit
Posted on May 9, 2019
by Danielle
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A lot of us grew up with weird attitude towards money, often centered around not having enough, being jealous of those who did, or feeling shame for what we did have. When we become parents, we have the opportunity to undo that not only for our… Continue Reading “How to teach your kids about money”
Category: Business Tips, Investing, Momtrepreneurs, Parenting, Personal Finance, Personal TaxTags: Allowance, Budgeting, Managing money, Parenting, Teaching kids about money, Tip Sheets
Posted on April 28, 2019
by Danielle
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You and your spouse are enjoying your golden years together and share pretty much everything. The CRA (Canada Revenue Agency) recognizes that sharing is caring, so they allow senior couples to split pension income. This can offer you big savings on your tax bill,… Continue Reading “Can I Split My Pension Income?”
Category: New Canadians - Immigrants, Personal Finance, Personal Tax, UncategorizedTags: Income Splitting, Pension Splitting, personal finance, Personal income tax tips, personal tax tips, seniors, Tax credits, Tax tips