Maximize your RRSP contribution with a BMO Retro-Activator RRSP Loan. Ideal if you have unused RRSP contribution room. Catch up for a better retirement.
How to calculate capital gains tax There are three amounts you need to know before calculating a capital gain or loss, according to the CRA: The proceeds of disposition: How much you received when you sold the asset. The adjusted cost base (ACB): The cost of the asset plus any expenses...
Those rules can be a bit complicated, the easiest way to calculate your family CCB benefit is to use the official calculator. You can get a ballpark number by using the clawback above to determine how much cash you’ll get given your specific spot in those variables....
Provided your employer allows you to transfer the excess transfer amount to your RRSP, you’ll need to provide your notice of assessment as proof you have sufficient room. The ability to tax-shelter the excess amount should be taken into consideration if you’re thinking abouttaking the commute...
Retirement planning.A TFSA can complement your personal RRSP by providing additional tax-advantaged savings when you have no more RRSP contribution room or you are over age 71 and not allowed to hold an RRSP anymore. By contributing to a TFSA, any income earned in the account is tax-free,...
» CALCULATE: How much mortgage can you afford? Hiring a home appraiser Typically, the buyer pays for the appraisal, however, the lender finds and hires the appraiser; there’s nothing the buyer needs to arrange. In Canada, appraisals generally cost between $300 and $500, and are included...
To calculate the foreign exchange gain or loss on accounts receivable for tax purposes, follow these steps: 1. Enter the invoice into your accounting software as of the date the service was completed. Use the exchange rate in effect as of the invoice date to report the invoice amount in Can...
Income tax, on the other hand, is required unless the bonus is being allocated to an RRSP. When this option is chosen, the net amount (after CPP and EI are deducted) can be put into the employee’s RRSP — providing they have room in their yearly contribution limit. How does the bonu...
The company providing the pension willcalculate the commuted valueof the pension to ensure they can meet their obligations. Lump-Sum vs. Annuity Payments: An Example To illustrate how lump-sum andannuity paymentswork, imagine you win $10 million in the lottery. If you take the lump-sum payme...
deductibility. In Canada, for instance, if the loan is taken out for an investment that is held in a registered account—such as aRegistered Retirement Savings Plan (RRSP),Registered Education Savings Plan (RESP), or Tax-Free Savings Account—interest expense is not permitted to be tax-...