CFO Techniques Inc. Blog

Personal taxes in Canada are based on a progressive tax system, meaning the more you earn, the higher percentage of tax you pay. Here’s a general breakdown of how the system works:

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.

This article is timely, with the end of the year in sight.

A Registered Retirement Income Fund (RRIF) is a retirement income vehicle in Canada, designed to provide a steady income stream to retirees by converting savings from a Registered Retirement Savings Plan (RRSP) into taxable income. Here's how it works:

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, capital gains are taxed when you sell an investment or property for more than its purchase price. However, there are several strategies to reduce or avoid capital gains tax. Here’s how you can manage it:

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.

Bookkeepers and accountants may overlap in their tasks, yet they possess distinct skill sets. Here's what you need to know:

Are There Tax Benefits for Couples in Canada?

Curious about the tax advantages that come with getting married or living in a common law relationship? In Canada, there are indeed significant tax perks for couples. The following will begin to outline them.

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: