The Canadian Tax Resource Blog has a host of personal finance and tax related articles on a variety of topics. The Tax and Personal Finance Guide is a source book for information and is organized around major topics, such as RRSP’s, TFSA’s, financial planning, and small business.
This guide contains most of the major sections of this site, but is not exhaustive. If you don’t see what you are looking for, try the search box in the right hand column.
If you have a suggestion for an article or topic, please feel free to write, or leave a comment below.
Guide & Articles
The Ultimate RRSP Guide- Registered Retirement Savings Plans (RRSP’s) have been a popular way for Canadians to save for their retirement since 1957. The RRSP guide, contains a number of articles on a variety of topics to answer your RRSP questions.
TFSA Articles – The Tax Free Savings Account (TFSA) was launched in 2009 as a tax-free way to save for their retirement or for other purposes. Over the last few years, many questions have been asked about the TFSA. Here are some of the most popular:
- How do TFSA contributions work? – There are limit to how much you can contribute to a TFSA. Knowing the rules can help save you in penalty taxes.
- What investments can I hold in my TFSA? – The investments you can hold in your TFSA are the same as those you can hold in your RRSP. This article has the list!
- The TFSA & estate planning – What happens to your TFSA when you die? A little simple planning can help reduce the tax bill for your loved ones.
Income Splitting Guide – Families have an opportunity to lower their overall income tax bill by shifting income from one family member to another. The strategy, know as income splitting, is effective: But you must know the rules and pitfalls. This guide has everything you need to know.
Personal Financial Planning – How do you create your financial plan and build your wealth? The personal financial planning section of CTR contains a number of articles to help you. If you want to read more about personal finance tips, check out the personal finance section.
Real Estate Guide – Should you invest in real estate? What happens if you sell your home? What happens if you rent? The real estate guide contains all of our articles about real estate including your family home, rental property and vacation properties.
Small Business Articles – Topics for business owners. This section contains information on shareholder loans, corporations, HST, tax deductions and more.
Investment Tax Guide – Taxes are an important consideration when you make investment decisions but should be the only driving factor that affects your investment decision. The investment guide answers many of your tax questions.
Estate Planning – Making sure your affairs are in order for your loved one is important. No one wants to leave a mess behind after they die, and our estate planning section can show you some of the pitfalls to avoid.
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{ 8 comments… read them below or add one }
I have a nine – five day job and I’m about to start a business on the side (I am writing a book, produce a music cd and also commercialize my mural paintings)
will my business be taxed as seperate entity or will it be seen as personal income thereby attracting double taxasion.
Any income you earn from your business is included in your personal income unless you create a corporation. Read about business structures and taxation.
Thanks Tax Guy for your previous response. I intend to incorporate a limited liability company. My question is if I incorporate, can I write off my house (mortgage), my child’s education (she’s one of the directors), a trip to the US, buy a new car e.t.c,
Remember, I still have my 9 – 5 job.
Your 9-5 job is irrelevant.
In order to claim an expense as a tax deduction, the expense must be for the purpose of gaining or producing income from a business. I can see a possibility for mortgage interest if you use a dedicated workspace in the home, but there are other issues that you need to be aware of. The education will get you in trouble.
I suggest you hire a professional to advise you.
Hi,
I have two questions:
1) If employees recieve a 5% disccount on the share purchase price for the company ESPP is that 5% discount a taxable benefit and does it have to be reported on the T4?
2) If we have an employee who is recieving a COLA that is part of his salary (he is from our US office but working at the Canandian location for a while) does that COLA allowance need to have taxes, CPP, and EI deducted from it?
I suspect the 5% is a taxabale benefit and definitely the COLA is taxable as employment income.
Hi.
I am a numbered business owner and would like to add my wife as a shareholder (30%). Do I need an agreement be signed or not? Is it easy to create 2 classes shares?
Thanks.
Armand,
The answer depends on whether the articles allow multiple classes. If not, they must be ammeneded.
If you want to add her, you can have her subscribe to shares. Be careful as this may cause some serious tax complications.