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Looking for tips to save money this tax season? Want to make sure you haven’t missed out on a tax credit? The Canada Revenue Agency has come out with some tips ahead of the April 30, 2017 filing deadline. Families with kids get a whole range of options. You have to tell the Canada Revenue Agency that you have children, if you haven’t already, and a quick and easy way to do that is to fill out the automated benefits application, which will register you for the Canada child benefit as well as any provincial family bonus and early childhood tax benefit. [ 436 more words ]
http://ottawaretirementplanner.ca/tips-saving-money-tax-se…/
Understanding the difference between a tax deductions and a tax credits will help you to apply strategies and use financial tools to help reduce the taxes you pay on your retirement income. Tax Deductions Tax deductions are subtracted from total income to arrive at the net and taxable income figures. Any deduction serves to lower the net or taxable income figure. [ 174 more words ]
http://ottawaretirementplanner.ca/difference-tax-deduction…/
With a home equity loan - the ‘equity’ in your home refers to the amount you have left to repay on a mortgage subtracted from the current market value of your home. For some homeowners, this can add up to a considerable sum if they’ve been repaying their mortgage for quite some time or have completed mortgage repayments and own their home outright. [ 315 more words ]
Filing deadline is April 30th! Here are some tips to help reduce what your owe this year.
Information about the deceased and the executor is required in the Estate Information Return along with a list and description of each estate asset (some estate assets such as household contents can be grouped together). Assets that should be included include: real estate in Ontario (less encumbrances) bank accounts non-registered investments (e.g., stocks, bonds, trust units, options) RRSPs, RRIFs, TFSAs if proceeds pass through the estate (e.g., no named beneficiary other than ‘Estate’) [ 629 more words ]
http://ottawaretirementplanner.ca/information-included-est…/
Bill that would bar health and life insurance companies from forcing clients to disclose the results of genetic testing has been passed.
How much should I invest in an annuity? The amount of money that you invest in it will depend largely on your capability to pay the premiums offered by the insurance company. Things to consider when putting money to an annuity include: - Your probable financial needs - Type of investment portfolio - Alternatives available The most important thing to consider is your financial needs, especially at times when you really need cash to finance something like the birth of a child delivery or an unforeseen accident or illness. [ 594 more words ]
Being self-employed means more than just having a good idea and the drive to make it happen. You also have to balance the books and fulfill your tax obligations with the Canada Revenue Agency (CRA). You already have the entrepreneurial spirit, but do you know how to get the most from your income tax and benefit return? Business expenses From applying for your business licence and furnishing your office, to building a professional website and advertising your new venture, you might have to spend money to start making money. [ 971 more words ]
How much do you need to cover your funeral?
What is probate? Probate is a process that authorizes an executor to distribute assets of a deceased’s estate. Where required, provincial governments grant this authority by issuing a probate certificate known in Ontario as a “Certificate of Appointment of Estate Trustee With (or Without) a Will”. The Ontario government charges a fee for the certificate based on the value of the deceased’s estate. [ 451 more words ]
http://ottawaretirementplanner.ca/probate-fees-taxes-ontar…/
