by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Introduction The Ontario government announced in its March 26, 2009 budget that it plans to harmonize the 8% Ontario retail sales tax (RST) with the 5% federal goods and services tax (GST) to form a 13% harmonized sales tax (HST), effective July 1, 2010. With...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Under the Income Tax Act there are certain rules known as the “Taxpayer Relief Provisions” (formerly called “Fairness Provisions”), which provide the Canada Revenue Agency with the discretion to waive certain requirements of the Act. In particular, these...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
A critical question facing all homeowners is whether to pay down the mortgage or contribute to the Registered Retirement Savings Plan (RRSP). There is no definitive answer. Your decision depends primarily on your goals: Retire early and comfortably or pay off...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Introduction Taxpayers can make deductions under their registered retirement savings plans (RRSP) deduction limit for 2008 with respect to contributions they have made or are going to make in the first 60 days of 2009. The Income Tax Act (the Act) is quite...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
What is an IPP? An IPP is a registered pension plan which provides the maximum defined benefits permitted by Canada Revenue Agency. As a retirement savings alternative to an RRSP, the IPP permits employees, including connected persons (10% + share ownership), to...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Introduction Disabled taxpayers often incur extra costs because of their disabilities and tax law offers them some relief aimed at helping to compensate for those expenses. First and perhaps foremost, is the non-refundable disability tax credit. This is a...
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