One way to avoid or minimize capital gains tax is to hold investments in registered accounts, such as aregistered retirement savings plan (RRSP)ortax-free savings account (TFSA), rather than in a non-registered account. In a registered account, your investments — as well as any gains,intere...
Our first house was a 2-unit apartment where we lived in one unit and rented out the other. While it was a little work being a landlord, the rental income offset a large portion of the mortgage payment and we were able todeduct mortgage interest on taxes!). This is an example of “...
Transfer the amount to you or your spouse’s RRSP (if the contribution limit hasn’t been reached yet) Transfer the amount to another child under the age of 21. If the child is over 21, you may have to pay taxes as well as return the CESG and CLB contributions to the account. Donat...
Just like with the OAS and CPP, if Canada has a tax treaty with the country you moved to, this withholding tax will generally be used to offset taxes you’d owe in your new country. If you move to a country that doesn’t have a tax treaty with Canada AND you earn very little ...
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If you have a mortgage or investments with CIBC, redeeming points for financial products can be worth you while. It will cost you 12,000 CIBC Rewards points to get $100 in value. You can use that amount to pay off your mortgage or to invest within your TFSA or RRSP. When going this...
By doing so you will create a non-capital loss which can be applied to offset taxes paid in the past or future tax when you do earn income(up to three years back). Thanks Allan Howard January 29, 2014 at 3:53 pm Hi Allan, My corporation suffered a capital loss this year when ...