Taxes

Tax Free Shopping Days?

Friday, August 7, 2009
By Ryan A. Smith
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Tax Free Shopping Days?

Our fellow neighbour enjoy tax-free shopping days. Some states are waiving local sales tax on school items like computers and clothing, as indicated on Yahoo! Shopping. How come we don’t have any tax-free day in Canada? Back To School Shopping The following states allows tax free shopping on school supplies, computers, and clothing: • Alabama • Georgia •... »

Home Buyers’ Plan (HBP) – how to maximize this plan

Monday, August 3, 2009
By Ryan A. Smith
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Home Buyers’ Plan (HBP) – how to maximize this plan

Before we begin this topic, we will briefly discuss how HBP works. Then we will talk about how to maximize this tax-saving strategy toward the end of this article. Home Buyers’ Plan (HBP) allows first-time homebuyers to withdraw RRSP to purchase or build a home without having to pay tax on the withdrawal. RRSP Withdrawal Limit... »

RRSP – Maximize Your Retirement Savings

Friday, June 12, 2009
By Ryan A. Smith
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What’s an RRSP Registered Retirement Savings Plan is a retirement plan that you or your spouse or common-law partner establish and contribute to. RRSP contributions are tax-deductible;ie, it can be used to reduce your income tax. RRSP vs CPP Why should I invest in RRSP when I can get CPP (Canada Pension Plan) benefit at retirement? Reason: CPP... »

IPP – Supersize Your Retirement Savings

Tuesday, June 9, 2009
By Ryan A. Smith
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Many Canadians have seen their RRSPs take a significant toll in the markets during this Global Recession. Most can do little more than hope for a quick recovery. But there is another option. It’s called Individual Pension Plan (IPP). What’s IPP? IPP stands for Individual Pension Plan. It is perhaps the least known, yet most effective... »

How to Calculate RRSP Contribution Room

Tuesday, June 2, 2009
By Ryan A. Smith
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How is RRSP Deduction Limit / Contribution Room Calculated? Long Definition: a taxpayer’s RRSP deduction limit for a year is equal to 18% of the taxpayer’s earned income for the previous year (to a maximum amount) minus an amount in respect of benefits that accrued to the taxpayer under registered pension plans (RPPs) and deferred... »

Feature Story

Canadian High Interest Rate Savings Accounts

By Ryan A. Smith

Each month I put away all my remaining money into some kinds of savings accounts until I need to use it. Instead of locking... »

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