Watts Advisors Accounting & Tax Blog
What is a RRIF and How Does it Work? 0
July 17, 2014A Registered Retirement income fund (commonly referred to as a RRIF) is an income fund created upon a transfer funds from an individual’s Registered Retirement Savings Plan (RRSP), this fund has required annual withdrawals that are designed to use the equity built up in an individual’s RRSP’s to provide a ...
Read MoreIncrease in Effective Tax Rate for Non-Eligible Dividends 0
December 4, 2013Starting in 2014 the Canada Revenue Agency (CRA) has changed the way that non-eligible dividends are taxed. This change will effectively increase the tax rate for non-eligible dividends. This will cause business owners to re-evaluate the way in which they draw income from their business (dividends vs. Salary). Let’s look ...
Read MoreDeductible Employment Expenses 0
March 27, 2012There are a few instances where you are able to deduct expenses against employment income. The content of this blog will just cover the most common expenses of standard employment arrangements. There are specialized rules for commission employees and other unique circumstances as well as more specialized expenses that will ...
Read MoreCRA Giving Out 20% Penalty for Missing Information 0
March 20, 2012Most people aren’t aware of one of the harshest penalties that the CRA (Canada Revenue Agency) gives out. This penalty doesn’t necessarily relate to fraud or tax evasion, but can occur if someone is simply forgetful or unorganized. Over the last couple of years the CRA has started charging a 20% ...
Read MorePersonal Tax Return Checklist 0
March 6, 2012Below is a checklist that I have put together to help my clients organize and compile the information needed to complete their personal tax return. Slips All information Slips (T4, T3, T5, T4E, T4A, T4AP, T4RSP, T4RIF, T5013) Old Age Security and CPP benefits Other Pensions and Annuities Employment insurance benefits Social assistance payments Workers compensation Benefits RRSP ...
Read MoreRRSP’s – An Overview 0
February 15, 2012With two weeks left until the 2011 RRSP contribution deadline on February 29, 2012 it seemed like a good time to blog about some common client questions I receive on the subject, “Why should I contribute to an RRSP?”, “What are the benefits of contributing to my RRSP?” or, “Should ...
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