What is your RSP action plan for 2022? The government allows you to put money into your RSP up to 60 days into the following calendar year to be used towards your previous year's income tax return. That deadline for this year is March 1, 2022, in which you can use those contributions to offset your income in 2021. Determine...
Does a conversation about money make you excited? Nervous? Anxious? Apparently money can be a stressful thing for some people to talk about. Conversations about finances can put strains on relationships. What I would like you to think about, is if simply talking about money is causing problems, what underlying issues are at play and are they really being solved by avoiding the conversation?
A core component of your retirement plan is the CPP retirement benefit (or Québec Pension Plan for Québec residents, which mirrors many aspects of the CPP). CPP offers flexibility as to when payments can begin, which affects how much you could receive. Familiarizing yourself with CPP provisions can help you decide when to start payments and optimize the benefit throughout your retirement.
When most of us think of year-end tax planning, we typically consider our personal situation. Yet, there are many tax-opportunities for business owners to explore as we near the end of another calendar year. The following tips assume your business is unincorporated or your corporation has a December 31st year-end, although some tips may also apply to corporations with an off-calendar year-end.