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Tax Saving Tips for Business, Professional Corporation

By Ryan A. Smith

Income taxes are the biggest expense for most Canadian. If you have your own business or professional corporation, your company can help generate tax savings to accelerate your mortgage repayment or boost your retirement savings. Use Capital Gains Instead of Dividends If you are planning large cash withdrawals from your company, consider taking the cash as... »

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

By Ryan A. Smith

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... »

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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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