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RRSP

Classic question: RRSP, RESP or TFSA??

on Sat, 10/05/2013 - 11:35
*Updated: Nov 20, 2016
We all have limited resources... Lots of people asking the same question over and over again, among retirement savings, education saving for kids and tax free savings, which is the better way to save?
 
The answer is: it depends. I know, I know, you hate this answer. However, you need to understand everyone has a different situation so there is not ONE right answer to everybody.
 
Here is a list of things help you to decide which way is best for you:
- if you have lots of RRSP room and have no pension plan from your work place, RRSP might be a good choice;
- if

One stop for your T-slips

on Sun, 03/24/2013 - 11:37

 

April, this is the "taxation month". Everyone is working to get the T-slips together. Have you had an experience that you know how you have been waiting on one more tax slip in order to do your taxes? How does it feel? 
 
Well, many people would like to file their income tax return as soon as they can, not just to beat the rush, but since most of us are being employed, we have usually a tax refund coming back, so we would like to have access to that money sooner than later.
 
So, you know there is one place you can access all your T4-slips, avoiding the wait altogether?

Common questions small business owners have... Some advices

on Sat, 11/12/2011 - 15:12

I have been realizing people who want to start their own businesses always have the same questions, especially after attending the Small Business Summit, that feeling had got even stronger. I will try to share what they are.

The 2011 TD Canada Trust Small Business Survey reports out of the 402 business owners they surveyed across Canada think indicated managing cashflow as the most difficult challenge, with staffing (both retaining and hiring) continuing as a major obstacle.

So how do we address that and keep things under control?

1. Build an emergency fund

- normally 6 months' of

Banks can be harmful, too

on Tue, 09/13/2011 - 12:26

Subsequently, I worte a second part to this article...

So, I was tweeting as usual... was reading through the transcript of the chat on Globe & Mail RESP Q&A which was held on Sept 7. It was a great chat, and I always like the way Mike handles his questions...LOL

 
 
Anyway, I have to oppose going to the banks for everything you need... I am sorry, you might think the banks are great, but the truth is you hardly get a good banker who will be able to (or willing) to look into everything for you on every aspect that (s)he can, and that's the fact (so if you do have a good banker, treasure

How to resolve a surprised tax bill

on Tue, 09/06/2011 - 11:25

I finally decided I would put clients' cases on my blog, so that you (readers, if there is any) will have an idea how I work with my clients.

So... here is the first case:

Slightly after the new year, I received a call from a clinet who had been working with me for a good 2, 3 years, that he got audited by the CRA, and that he got a surprised tax bill of over $10K. He told me he immediately withdrew $5k from his RRSP and he was looking into getting a personal loan from a bank so that he can pay off the tax man immediately.

This is a very normal move to a lot of people, is that, they will

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