There is no doubt these are extraordinary and unprecedented times.
Canada Revenue Agency (CRA) My Account If you haven't already done so, we recommend taking the time to register for your CRA My Account. The account allows you to manage virtually all your tax affairs online. Benefits include tracking tax refunds, viewing or amending prior years' returns, checking benefit and credit payments, viewing available RRSP & TFSA contribution limits, setting up direct deposit, receiving online mail, and more. Start the process or access your account here. Registered Retirement Savings Plans (RRSPs) Yearly limits for RRSP contributions are equal to 18% of an individual’s earned income from the prior calendar year, [...]
As investors gather their tax information for the 2019 tax season, we thought it would be helpful to address two recurring questions that come up this time of year. “My investment returns were strong last year, but my accountant doesn’t seem so sure as I don’t have a lot of taxable investment income to report. How did I really do overall?” This common comment shines a light on the relationship between a portfolio’s investment return and what qualifies as taxable income. It is helpful to approach each concept separately to understand their connection. Your portfolio’s investment return represents the amount of money your [...]