Neepawa Income Tax (1997) - "You have a friend who does taxes"

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How to know when to start drawing on your RRSP
Are RRSPs even relevant anymore?
Which pays off more: Getting a university degree or investing the tuition money?
Taxes are dreaded by most Canadians, but not by all
Five commandments to help boost your retirement savings


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Tax Discussions

How to know when to start drawing on your RRSP

Are RRSPs even relevant anymore?

Which pays off more: Getting a university degree or investing the tuition money?

Taxes are dreaded by most Canadians, but not by all

Jamie Golombek| 13/03/02
With RRSP season now behind us, this weekend marks the unofficial start oftax season, which can be a source of pain and frustration for many Canadiansbut, apparently, not for everyone.
Believe it or not, some Canadians enjoy filing their tax returns accordingto a new national survey commissioned by Thomson Reuters, the makers of the taxsoftware program UFile. The survey found that 41% of Canadians enjoy filingtheir tax returns, but the majority still do not.

Five commandments to help boost your retirement savings

Everybody says you should save for retirement. The problem is they don’ttell you when to save, where to save, or what to save. So here are my 5Commandments to Retirement Saving:
1.Thou shalt save a lot when you can, but not when you can’t.
This meansthere are periods in your life when saving is much easier than others. Don’tfeel so guilty about not being able to save much during your most expensiveyears. Usually the best times for saving would be before children, and afterthey are out of the house.

How to move from an RRSP to a RRIF

After years spent paying into a registered retirement savings plan (RRSP),investors eventually have to use the funds as post-retirement income.
RRSPs must be collapsed by Dec. 31 of the year in which the holder turns71. If RRSP savings are not put into a tax-deferred income plan by that time,the entire value of the RRSP becomes taxable income.
A registered retirement income fund, or RRIF, is one of the most commonoptions Canadians choose to convert RRSP savings to tax-deferred income.

Is it Income Tax Season or a Taxing Season?

Annually, many of us have to sit down and ponder over our prior year’s income tax filing. It could have very frustrating, upsetting, sleepless moments, but it doesn’t need to be. Tax rules are both simple and complex depending on one’s situation.
Yearly, the Canada Customs and Revenue Agency (CCRA), commonly called Revenue Canada, is adding more and more rules to the already huge volume of tax regulations. With proper planning, understanding and paperwork, your tax filing could be an easier task than you think it’s supposed to be.

RRSP Season… or is it?

Wow! February already and the RRSP purchase deadline for 2013 is fast approaching. This deadline for those under 69 is March 1 this year, 60 days after the end of the tax year.
RRSPs can save you money by deferring the taxes that would be owed on the amount of RRSP purchased. Simply put if you are in a 40% tax bracket, a $1000 RRSP purchase will save you $400 in taxes for that tax year. Purchased before February 29, the tax savings can be used in the previous tax year. There are other considerations depending on the individual or family circumstances, but overall that’s the drift.

Going for Gold: Seven Steps to Ensure Small Business Success

Over the last six years working with more than 1,500 small business owners, I've heard a myriad of reasons about WHY people start a business but typically they boil down to one of three core reasons for embarking on one of life's riskiest journeys.
  • Reason 1(the most popular one) - running away from a bad work situation with the belief they can do it much better themselves.
  • Reason 2- receiving a payout from an employer and buying a business, which both sadly and frequently results in buying the lowest paid job of their career.

The Nuts and Bolts of RRSPs

While many Canadians are stressed about RRSPs and the looming contribution deadline, Jason Casagrande feels excitement. The 34-year-old Torontonian, however, has been investing since he was 15, and works as a certified financial planner with BMO’s investment and retirement planning department. “Seeing the accounts grow is my motivation,” Mr. Casagrande says.
The rest of us hear the term RRSP — maybe even just the first two letters — and get glassy-eyed, or even wide-eyed (60% of respondents of a recent BMO poll reported suffering from anxiety about gathering retirement savings).