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Every year over 25 million Canadians file a personal income tax return. In the not-so-distant past, the majority of tax returns were filed manually, which required tax payers to complete the paper forms, assemble the package, attach receipts and mail the return to the Canada Revenue Agency (CRA).Read More
Pension income splitting is a highly valuable element of retirement planning because it offers retirees an opportunity to increase overall family after-tax income through a reduction of the combined income tax liability.Read More
The average tuition fee for undergraduate programs in Canada reached $5,772 for the 2013-2014 school year. These newly released statistics suggest that Canadians planning for their children's future education need to continually review their savings plans in order to meet the ever-increasing cost of a financially secure future.Read More
A testator will often transfer assets into a trust for his or her surviving spouse after death. Learn more about the strategies to do so.Read More
There are times when a business owner may wish to use the business to fund a life insurance policy and have the proceeds from the policy flow to a specific party. One planning strategy to achieve the business owner's objectives and avoid the imposition of a taxable shareholder benefit is to use "life insurance shares".Read More
A Dependent is usually a spouse and unmarried children (adopted, step or natural) of an employee.
TSFA is an abbreviation for Tax-Free Savings Account. Learn more here.
A Certificate of Insurance is a written form that verifies a policy has been written, and provides a summary of the coverage provided under the policy.
Your policy period refers to the time between the beginning and expiry of your policy.
Capital Cost Allowance - A taxation term, equivalent to depreciation, that makes allowance for the wearing away of a fixed asset.
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