Posts Tagged ‘Taxes’
RRSP Over Contribution Limit And Carry Forward Rules
Your current year’s RRSP contribution limit is 18% of your previous year’s earned income, to a maximum of $31,560 (2024) plus any unused contribution room carried forward from previous years. There’s some confusion around the RRSP over contribution limit and RRSP carry forward rules. This post explains both of these rules. RRSP Over Contribution Limit…
Read MoreCRA My Account: How To Check Your Tax Information Online
If you’ve ever tried to contact the CRA by phone and received a busy signal, or sat on hold interminably waiting for a service rep, as I did recently trying to change my address, you’ll be happy to know about CRA My Account for Individuals. Online services offered by the banks and other financial institutions…
Read MoreThe Next Tax Bracket Myth
Let’s bust a myth about working overtime. Some employees incorrectly believe that when earnings from overtime, a bonus, or salary increase pushes them into another tax bracket they’ll actually take home less on their paycheque than before. Some employees even refuse to work overtime because they believe they’ll pay more taxes and earn less money…
Read MoreHelp! I Discovered I’m Over-Contributing To My RRSP
Less than one-quarter of Canadians contribute the maximum to their RRSP each year, but if you’re one of those keen savers you’ll want to pay close attention to your RRSP contribution limit to avoid going over. A blog reader named John realized he might be pushing his limit due to automatic monthly contributions and a…
Read MoreNew Tax Credits Announced – Are You Eligible?
If your New Year’s resolution was to get your finances organized, you should make sure efiling your tax return by the deadline is on your to-do list. Your tax return is an important financial document and tax planning should really happen year round. The good news for your 2014 tax return is there are some…
Read MoreTaxes And Your Investment Income
Now that the tax deadline has come and gone, it’s a good idea to review your return to identify any missed opportunities and changes you may be able to make this year. In particular, you should look at your investments to make sure they are still meeting your needs in a tax efficient manner. Taxes…
Read MoreFinding The Hidden Gold In Your Tax Return
While most people use a tax program to complete their tax return, the program is only limited to the information you enter and you may not be fully maximizing your tax refund. As an accountant, I come across plenty of small credits that are often overlooked by people because they aren’t aware they apply or…
Read MoreIncome Splitting 101: Tips On Keeping It In The Family
South of the border, the heads of U.S. households can elect to file joint income tax returns, pooling their income and deductions. This option brings considerable tax savings to families in which one spouse has a significantly higher income than the other; their joint tax bracket will likely be lower than it would be otherwise.…
Read More25 Tips For Filing Your Own Tax Return
With the plethora of tax preparation software available, many people file their own tax return each year. But even with the software questions and guidance, many deductions are commonly overlooked, so much so that H&R Block offers a free “Second Look” for any new clients’ past year’s tax return to check for anything missed. Related:…
Read MoreTax Considerations For Single Income Households
Stay at home parents may do a lot of work but unfortunately it’s not a labour cost that gets reported on a tax return. For families with a single income, tax time can seem a little one sided, but both spouses or common-law partners still need to file their own tax return in order to…
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