Canada Estate Planning for Tax Efficiency Rough Guide – Update 2021
So I wrote a rough guide on estate planning in Canada that I plan on following here: Estate Planning Guide for paying the lease amount of Taxes in Canada. In it – you will re
What is Old Age Security (OAS) and why would I have to pay it back?
Old Age Security (OAS) is money you may get from the Canadian government in retirement. There are 3 government pension plans in Canada: Canadian Pension Plan (CPP) Old Age Security
Overview of the Canadian Pension Plans and Retirement Benefits in Canada
Today we will de-mystify how much you get from Canada as a pension plan. This is NOT including your retirement pension plans from your employer, your RRSP or TFSA earnings or savin
Canadian PSA: If you’re an employee who worked from home, you can claim a home office credit
Don’t forget to get your money (max: $400) for home office expenses if you’re an employee who worked from home for more than 50% of the year, for at least FOUR CONSECUT
Canada Basic 101: Tax-Free Savings Account (TFSA) for Canadian Investors and Savers
Today, we are reviewing the Tax-Free Savings Account (TFSA) which is very terribly named because you should ABSOLUTELY not use it for savings, but for INVESTING. Who can contribute
Canada Basic 101: Registered Retirement Savings Plan (RRSP) for Canadian Investors and Savers
Today, we are reviewing the Registered Retirement Savings Plan (RRSP) which is very terribly named because you should ABSOLUTELY not use it for savings, but for INVESTING. Who can
Want an extra million just from tax savings alone?
(That’s the sexy headline.) Let’s look at $60K from a salary versus $60k from eligible dividends (Corporate dividends) Salary Eligible Dividends Income $60,000.00 $60,0
Canada: Can you save too much in your Registered Retirement Savings Plan (RRSP)?
I know it sounds ridiculous. Saving TOO MUCH in your retirement plans? This is definitely a #RichPersonsProblem, but nonetheless, one that exists. However, it is true that the gove
What else you can use in Canada to save for your child if you have already maxed out your Registered Education Savings Plan (RESP)
So I always put in $2500 a year for Little Bun’s RESP to get the maximum 20% match from the government and the province. I don’t put in more than $2500 because at the r
Canada Estate Planning for Tax Efficiency Rough Guide
This is a general guide. I came up with this out of some general rules from reading and researching and they are this. RULES There is no inheritance or estate tax upon death Upon d