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Best Ways to Invest your Income for Long-term Growth
For most people, starting their first investment account is a challenging task. Regarding the best ways to invest your income, countless articles available will no doubt confuse you regarding how much return you can get from different solutions. A lot of money is at...
6 Ways to Get Rid of Debt
Debt is a problem that affects many people in different ways. It can lead to stress, anxiety, and other emotions. Many people use debt consolidation services to get rid of their debt and prevent themselves from getting into more debt, possibly because it's challenging...
Tax Implications of Earing Rents from Property and Specified Investment Business
1. Individuals Individuals who own rental property need to calculate the income or loss from the property for each calendar year. This is then adjusted with the other personal income for the year. If the property is co-owned, then each co-owner must individually...
10 Red Flags that could Cause the CRA to Audit You
The Canada Revenue Agency (CRA) sends around 30,000 letters every year letting people know that they’re being audited. While this is just a fraction of the 27 million people who file their taxes, you shouldn’t assume that getting an audit notice is completely random....
What is a Health Spending Account (HSA) and How can it Help you Save Money
A Health Spending Account (HSA) is a self-insured health plan which can be arranged by employers for their employees. Small business owners spend a considerable amount of money every year on medical expenses for themselves and their employees. An HSA offers an...
How will various Covid-19 Support Programs affect your Income Tax Return?
Today we’ll take a look at how the various Covid-19 support programs, provided to both individuals and businesses, will affect their tax returns. 1. Support Programs for Individuals Several programs were started to support individuals and their families during the...
Ontario’s Small Business Support Grant – Applications Open
The Ontario Small Business Support Grant is additional support for small businesses in the province who had to close or restrict their operations because of the Covid-19 pandemic. It was first announced in December 2020 and offers funding of $10,000 to $20,000 to...
Canada Emergency Business Account (CEBA) $20,000 Loan Expansion
As we’ve stated in our previous blogs and newsletters, the Canada Emergency Business Account (CEBA) is an interest-free, partially forgivable loan program started to help businesses as a response to the Covid-19 pandemic. As of December 2020, the program provided...
Applications Open for the Canada Emergency Rent Subsidy (CERS)
The Canada Emergency Rent Subsidy (CERS) program is now open for application and provides direct relief to non-profits, businesses and charities that are finding it difficult to continue operations because of the Covid-19 pandemic. How To Apply You can apply for the...
Using RRSP funds before Retirement
The purpose of a Registered Retirement Savings Plan (RRSP) is to provide a means to save for retirement on a tax-deferred basis. Usually, withdrawing from an RRSP before retirement is not recommended. This is because the funds which are withdrawn cannot be...