by mrtaxes | Oct 17, 2019 | Uncategorized
WHAT IS THE HOME BUYERS’ PLAN? The Home Buyers’ Plan is offered by the Canada Revenue Agency that allows individuals who are purchasing their home for the first time to withdraw $35,000 from their RRSP tax-free to help pay for the down payment on the home. For people...
by mrtaxes | Oct 1, 2019 | Uncategorized
WHAT IS LIFE INSURANCE? A life insurance policy provides a designated beneficiary with a lump-sum, tax-free sum of money when you have passed away. There are two different types of life insurance – term and permanent. Term life insurance provides the payout benefit if...
by mrtaxes | Sep 18, 2019 | Uncategorized
We don’t mean to be biased because we are accountants, but it’s the truth. If you have a car, you hire a mechanic. If you have teeth problems, you see a dentist. Likewise, business owners should hire an accountant to help with their bookkeeping and tax work....
by mrtaxes | Aug 2, 2019 | Uncategorized
WHAT IS A TAX-FREE SAVINGS ACCOUNT (TFSA)? Starting at the age of 18, all Canadians with a valid SIN number can open and contribute to a TFSA. Any amount added to the account and income gained is tax-free, but contributions are not income tax deductible (unlike...
by mrtaxes | Jul 29, 2019 | Uncategorized
You finally made up your mind. You’re going to enter a franchising agreement and own your own business. But that is a lot to take on, and you’re probably going to doubt yourself. Several times. But you can relax, as we have compiled the best advice to ensure that your...
by mrtaxes | Jul 25, 2019 | Uncategorized
WHAT IS FINANCIAL PLANNING? Financial planning involves looking at your current and projected future income in combination with your current and future financial goals to develop a strategy to effectively allocate your cash flows. This plan incorporates your financial...
by mrtaxes | Jul 9, 2019 | Uncategorized
We all want to increase our wealth, yet somehow giving up lattes and eating out never seems to last more than a month. Eventually we realize that the saving tips provided by endless books and websites are simply ineffective and we revert to our old ways of spending....
by mrtaxes | Jun 28, 2019 | Uncategorized
The short answer? Absolutely. Having not gone to college at all, the founder of MrTaxes.ca Inc. is living proof of it himself. Unless you are interested in positions like Chief Financial Officer, Finance Director, or Accounting Manager, there are several great...
by mrtaxes | Jun 18, 2019 | Uncategorized
We get it. You already have so many online accounts and you can barely remember the passwords to any of them. Or maybe you think that anything that has to do with your financials should remain strictly offline for the sake of confidentiality. Regardless of your...
