Tax tips for 2015-2016 Things you can use to reduce your taxes: Group 1: For students and families School tuition (part time/ full time) All your tuition fees can be claimed to reduce your total income. Charitable donation (15% tax saving) for the first $200, (29% tax saving) for…
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Registered retirement savings plan (RRSP) RRSP is a registered retirement savings plan available for all Canadian under the age of 71. The advantage of RRSP account is to reduce current income tax. Any contribution you make for this year will not be taxed and it will reduce your overall taxes….
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Self employed vs. Incorporate Self employed (sole proprietorship) and incorporate are two different business structures. Many people are wondering which one is better and they asked: Should I incorporate my business? What is the advantage of incorporating a business? How do I protect my personal assets? What is…
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Stage 1: Before you start For income tax purposes, Canada Revenue Agency expects your business to make a profit and there is evidence to support this profit. For (Goods and Services Tax) GST and (Harmonized sales tax) HST purpose, business activities can be related to the business but not necessary…
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