CFO Techniques Inc. Blog

The age at which you should start taking Canada Pension Plan (CPP) benefits depends on your personal financial situation, health, and retirement plans. You can begin taking CPP anytime between age 60 and 70, but the timing significantly impacts your monthly payments.

Here’s a breakdown of the key factors to consider:

Now that you understand how a RRIF works, you need to take the Tax Implications of RRIF Withdrawals into account to maximize your income. Not doing so could lead to lower returns in your pocket.

When a Tax-Free Savings Account (TFSA) holder passes away, the handling of the account depends on whether the account has a named successor holder or a designated beneficiary. Here’s a breakdown of the main scenarios:

In Canada, a Personal Services Business (PSB) is a type of business that the Canada Revenue Agency (CRA) designates under certain conditions. The rules governing PSBs are stringent, and the tax treatment of a PSB is less favorable compared to other types of corporations. Here’s an overview of what constitutes a PSB and its implications:

Deciding whether a sole proprietor should incorporate in Canada depends on various factors, including tax considerations, liability protection, business growth plans, and administrative responsibilities. Here are some key points to help make that decision:

For small businesses in Canada, simplicity and efficiency are key when choosing an accounting procedure.

In Canada, income from selling goods on eBay, or similar platforms such as Kijiji, Etsy, or Amazon, can be taxable, depending on the nature and frequency of the sales. Here are the key factors to consider:

Tax instalments are payments you make throughout the year to cover the taxes you normally pay in one lump sum on April 30th of the following year. You pay these instalments during the year while you are earning the income, similar to how an employer deducts tax directly from each pay period.

The Canada Revenue Agency (CRA) allows businesses to deduct certain entertainment expenses from their taxable income. However, there are specific rules and limitations on what can be deducted. Here is an overview:

Filing your personal Canadian income tax return can also help you qualify for various government benefits. Here are some examples:

here are five more benefits of filing your personal Canadian income tax return:

Filing your personal Canadian income tax return offers several benefits, including: