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 As an individual, you may have to pay tax instalments to Canada Revenue Agency (CRA) if your income does not have the appropriate amount of tax withheld, or if you are self-employed, have rental or investment income, certain pension payments, or have income from more than one job. Instalments 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
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 example, when a parent is listed on the title for a property where their child […]
New Mail from the Canada Revenue Agency | How to Access CRA Mail
Canada Revenue Agency (CRA) encourages individuals to sign up for a My Account and business owners to sign up for a My Business Account. You can use these to view and interact with important updates to your information, notices of assessment, and more. If your correspondence preferences are set to “Electronic mail,” you will receive […]
Canada’s Underused Housing Tax (UHT) | FAQs
Important Update – November 1, 2023 On October 31, 2023, the Canada Revenue Agency announced a new extended deadline for filing UHT returns. The application of penalties and interest under the UHTA for the 2022 calendar year will be waived for any late-filed underused housing tax (UHT) return and for any late-paid UHT payable, provided […]
2023 Tax Changes and Updates for Canadians
Based on the relatively high inflation that Canada experienced in 2022, many significant tax figures, rates, and rules have been updated for 2023. Find changes to federal and Albertan tax brackets and rates, and updates to basic personal amounts, the CPP contribution rate, and Canada Child Benefit here. 2023 Updates to TFSA Limit The 2023 […]
Understanding and Increasing Your Personal Net Worth | Advice for Physicians
What is Personal Net Worth Your personal net worth is based on the value of all your assets minus the value of your liabilities. What would you have left after selling everything you own and then paying off your debts? That is your personal net worth, or PNW. Your assets may include cash and anything […]
2023 Canadian Federal and Alberta 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 […]
How to Determine Your Personal Net Worth
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 […]