by Chris Hammond | Feb 22, 2016 | News
A RESP is a savings plan for post-secondary education which allows funds to accumulate on a tax-deferred basis up to certain limits. There is no annual limit for contributions. For each beneficiary the lifetime limit on contributions is $50,000. Although there is no...
by Chris Hammond | Jan 27, 2016 | News
Tax System Indexation On January 1, 2016, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 1.3%. The Canada Child Tax Benefit and the goods and services tax credit will...
by Chris Hammond | Dec 29, 2015 | News
When Do You Have to Remit GST/HST on the Benefits and Allowances? Did you know that GST/HST must be remitted on a taxable benefit unless the benefit is tax exempt or zero-rated, for example the benefit on low-interest loans? An example of a tax benefit that is not...
by Chris Hammond | Nov 5, 2015 | News
A will specifies your instructions as to how your assets will be distributed on your death. In the will, you name an executor to act as your personal representative and to deal with all the tax, investment, administrative, and other duties involved in distributing and...
by Chris Hammond | Nov 5, 2015 | News
Parents quite often make loans to their adult children to help them purchase a car, a home, or for other reasons. A loan is different from a gift. The parent can charge interest so that the loan will earn some investment income. The loan can be set up for blended...
