A Guide to Building a Strong Credit Score: Unlocking Financial Success
Having a solid credit score is crucial in today’s financial world. It opens doors to buying a home, getting loans with favorable terms, and more. Your credit score reflects how trustworthy you are with credit, and knowing how to build and maintain a healthy score is vital for your financial well-being. Tips for Building Your […]
Alberta Budget 2024: A Comprehensive Overview for Businesses and Families
The newly released Alberta Budget for 2024 aims to place a strong emphasis on healthcare, education, family assistance, and community safety. Investing in Jobs and the Economy A number of initiatives are introduced in Budget 2024 for companies and the economy. With a $5,000 refundable tax credit, the Alberta is Calling attraction bonus seeks to draw […]
Canadian Interest Rates Q2 2024: April 1-June 30, 2024
The Canada Revenue Agency (CRA) has announced prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to both individuals and corporations. These rates are in effect from April 1 to June 30, 2024. Income Tax Interest Rates Q2 2024 The interest rate […]
Understanding Joint Tenancy vs. Tenancy in Common: Key Considerations in Property Ownership
Understanding the differences between joint tenancy and tenancy in common is critical when owning property with someone else. These two types of ownership have unique rights and implications, particularly in situations like estate planning. Joint Tenancy vs. Tenancy in Common: What’s the Difference? Imagine a scenario where two individuals co-own a property, each holding a 50% […]
New Bare Trust Reporting Rules for 2023 that Might Affect You
On March 28, 2024, the Canada Revenue Agency (CRA) determined that reporting requirements for bare trusts have had unintentional impacts on Canadians. As such, CRA will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the […]
2024 Canadian and Albertan Tax Brackets and Rates
What Are Tax Brackets? The Canada Revenue Agency collects federal income taxes using a marginal tax rate system. A different tax rate is applicable to each level of income, and these levels are called tax brackets. Tax brackets are structured so that low-income Canadians pay a lower percentage in taxes than high-income Canadians. Changes are […]
Integrated Tax and Financial Planning for Your Business and Yourself
The overall financial health and success of your business will be greatly improved through integrated planning that considers your current circumstances, your long-term goals, and the opportunities that are available to you. Experience elevated accounting and advisory support that offers you meaningful financial reporting and guidance to optimize your tax savings, profit, and income. With […]
CRA Instalment Payments: Interest vs. Penalties
Required Tax Instalments for Individuals To avoid interest charges, you have to pay tax instalments to Canada Revenue Agency (CRA) if your net tax owing in either of the two previous years was more than $3,000. This can happen if your income does not have the appropriate amount of tax withheld, or if you are […]
Electing Out of CPP Payments: Important Considerations
Canada Pension Plan (CPP) contributions are mandatory for working Canadians between the ages of 18 and 64, but are optional from age 65 onward. Electing Out of CPP Payments If you’re between the ages of 65 and 70 and are still working, you can elect to stop making CPP contributions. This election can be filed […]
Understanding Canada’s Bare Trust Rules: A Comprehensive Overview
Updated information on new Bare Trust reporting rules for 2023 can be found here. _____________________ When it comes to estate planning and asset management, Canada’s legal system offers various mechanisms to safeguard and manage property. One such instrument is the bare trust, which provides a flexible framework for holding assets on behalf of beneficiaries. For […]