Written by: Gwyneth James MBA CPA, CGA The Tax Free Saving Account (TFSA) has been around now for ten years and is pretty popular with good reason – everyone should have one. There is no tax deduction for contributions to a TFSA. The ‘tax free’ relates to any investment earned by the TFSA. It is … Read more
Written by: Gwyneth James MBA CPA, CGA Senior Partner Fall always feels like a time of new beginnings and some folks take time as the days cool to consider their year-end tax planning. Retirees should examine their year-to-date income and consider whether they should take more or less funds from their registered savings accounts (RRSPs … Read more
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The latest edition of The Accounting Zone is now available. Click here to read our current newsletter publication. To subscribe to our newsletter, click here.
Written by Gwyneth James MBA CPA, CGA Senior Partner We all make mistakes, but we don’t all get a chance to fix them before it’s too late. What if you suddenly realize that you made a mistake on your tax return? The Canada Revenue Agency (CRA) has a method for taxpayers to correct a previous … Read more
Written by: Gwyneth James MBA CPA, CGA Senior Partner There are many examples in income tax where the interest paid on a loan can be deducted from taxable income: mortgage interest on a rental property, loan interest on a business line of credit, and credit card interest on business credit cards, to name a few. … Read more