COVID-19 Economic Response Plan – Legislative Update

In the early morning hours of March 25, 2020, Bill C-13 “An Act respecting certain measures in response to COVID-19” was introduced, and received Royal Assent by the afternoon.Important details, clarifications, and a few key changes to Canada’s COVID-19 Economic Response Plan were included.  The key items discussed in this document include: CERB; (Application Date 6 April [...]

Benefits, credits, and support for individuals

We encourage you to file your income tax and benefit return electronically and as early as possible before June 1, 2020, to make sure your benefits and credits are not interrupted. You are encouraged to register for direct deposit on CRA’s My Account self-service portal, as this is the quickest and most reliable [...]

TFSA vs RRSP – What you need to know!

TFSA – Tax Free Savings Account – It is an account that does not apply taxes on any contributions, interest earned, dividends, or capital gains. Apart from this, it can be withdrawn tax free. RRSP – Registered Retirement Savings Plan – It is a retirement savings plan established by you and it is [...]

Tax-free savings account

We would like to discuss facts about the Tax-Free Savings Account (TFSA). The annual TFSA dollar limit for the year 2019 is $6,000. You can take advantage of TFSA because TFSA is available to all Canadians, 18 years and older. Main benefit of having a TFSA is that any interest, dividends and capital gains [...]