How to Determine Your Personal Net Worth

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When you determine what your personal net worth is, you can make strategic choices to plan for the future and improve that value. Understanding your personal net worth will help guide how you approach personal investment decisions, the potential sale of your business, retirement planning, or major purchases. You should consider obtaining a PNW statement […]

The Top 3 Things You Need to Know from the 2022 Federal Budget in Canada

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Summary of the 2022 Federal Budget Canada released the 2022 federal budget on April 7, 2022. As in past years, the focus of this year’s budget is on building a stronger, more resilient economy leading to long-term fiscal sustainability, and to reduce the federal debt-to-GDP ratio to pre-pandemic levels. The 2022 federal budget also aims […]

RRSPs vs. TFSAs | How Should You Invest Your Money?

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What Are RRSPs Registered Retirement Savings Plans (RRSPs) are retirement savings plans that are registered with the Canada Revenue Agency and that you and/or your spouse or common-law partner can contribute to. When you contribute money to your RRSP, that money can grow over time through investments. Contribution room is based on 18% of your […]

Post-Pandemic Family Budgeting | Preparing for a Return to Pre-Pandemic Rhythms

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For many people who were able to maintain steady income throughout the duration of the ongoing pandemic, there have been many cost saving opportunities with restrictions and lockdowns interfering with our regular activities and transactions. With fewer outings, classes, courses, commutes, etc., many of us were able to increase our savings. As restrictions have been […]

What Are CRA’s Processing Times?

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The Canada Revenue Agency has shared an online tool that will offer you a general idea of standard processing times for tax returns and various tax-related submissions such as clearance certificates, CPP submissions, T1 adjustments, payroll related items, and more. This can be a helpful resource when you are awaiting the processing of your files […]

CRA My Account Update | Email Notifications

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As of February 7, 2022, individuals using Canada Revenue Agency’s (CRA) My Account system will need to have an email address on file. This will help protect users against fraudulent activity as you will be notified via email when important changes are made to your account and personal information. These changes include: Your address Your […]

2022 Canadian and Albertan Tax Brackets and Rates

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What Are Tax Brackets? The Canada Revenue Agency administers federal income taxes through 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. This system […]

Canada Revenue Agency Audits to Resume in September | How to Prepare

Beginning in March 2020, many audits performed by the Canada Revenue Agency (CRA) were paused or suspended as our government adapted to the COVID-19 pandemic and focused energies on supporting Canadians through economic uncertainty. In July 2021, auditors began to communicate that work on these files would resume in September this year. If the audit […]

Understand and Track Your Personal Net Worth

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If you’d like a complete view of your personal financial situation, you’re considering a major financial or life decision, or you want help setting and tracking personal financial goals, you’ll benefit from ONSight Advisory’s Understand and Track Your Personal Net Worth service. Having an understanding of your personal financial value is key when planning for […]

How CRA Contacts You

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Phone scammers continue to call individuals pretending to be employees of the Canada Revenue Agency (CRA) in order to trick them into making payments. To ensure you don’t fall victim to these types of scams, it is important that you know when and how the CRA might contact you. A common reason the CRA might […]