A Registered Retirement Saving’s Plan is an investment that allows you to save money, gain a little interest, and lower your taxable income for the year. The interest gained from an RRSP is generally very small, so if you are expecting a big return you may want to think of other options. One of the [...]
A TFSA is an account that you can obtain with almost any bank that allows you to store your savings tax free. Although adding money to this account is not tax deductible, it is usually tax exempt on withdrawal. A TFSA is a great place to store your savings until you can gain enough to [...]
There are several ways to save at your disposal and although you can choose to take only one path, it is usually in your best interest to diversify (use several options) to maximise your savings. The most common forms of saving are: Tax Free Savings Accounts (TFSA’s) Registered Retirement Savings Plans (RRSP’s) Guaranteed Investment Certificates [...]
When it comes to saving your money there are many options available to you. You can choose to simply hold onto the money you have, invest in low risk opportunities, invest in high risk opportunities, or simply shove your money under the mattress and hope for the best (we highly recommend not taking this option). [...]
If you happen to miss an installment payment it’s not the end of the world; however, you may unfortunately have to pay interest on the amount that you owe up until the time of payment. If the amount owing is larger there may be some penalties charged as well.
Your personal income tax installments are due quarterly throughout the year, which means there are 4 payments that you need to make in one year. The dates they are due are March 15 June 15 September 15 December 15 The government is more than happy to take your money so you can make payments anytime [...]
If the CRA requires you to pay in installments you will receive a letter in the mail detailing the amounts that you should pay and the dates on which you pay them. There are several ways you can pay. Pay at the bank. When you receive your letter in the mail detailing your installment payments, [...]
In Ontario if you owe more than $3000 in taxes for 2 out of the past 3 years, you will have to pay the CRA installment payments. Once the government knows that you owe more than $3000 for 2 out of 3 of the past years, you will receive a letter in the mail that [...]
When you receive a letter saying your tax items are under review, you will be provided with a Case Number on the letter. Make sure you keep it, it is very important. At Catherine Barrie Accounting we would be happy to handle this process for you; however, if you choose to do it yourself these [...]
When you have your taxes done at Catherine Barrie Accounting our policy is to scan any information you provide us with for your taxes, so if you were to misplace something we have a record of it for you. If you have lost some or all of the information requested from the CRA, your taxes [...]
