You don’t even pay tax when you withdraw funds. First Home Savings Account (FHSA) The government launched the First Home Savings Account in 2023. It’s a tax-free savings account allowing contributions up to $8,000 per year, for a lifetime contribution total up to $40,000, to help ...
One common problem when you’re filing taxes as self-employed is a surprising and substantial tax bill at tax time, especially if you’re unprepared and unable to pay the amount in full. The government established the system of payroll withholding to help prevent these kinds of surprises,...
On their first day of work, new hires usually complete a Form W-4, Employee’s Withholding Certificate, which you will use to deduct the correct amount of federal income tax from their pay. Although not required, your employees should fill out a new form each year if their personal or fi...
A RRIF is a plan that allows your savings to continue growing tax deferred while generating a steady stream of income during your retirement years. Tax-Free Savings Account (TFSA) A TFSA is a registered account that lets you grow your investments tax free. You don’t even pay tax when you...
There are two parts to each mortgage payment — the principal and the interest. The principal is the remaining balance of what you originally borrowed, while the interest rate is what you’re charged while that principal is outstanding. You may be looking to pay as much as you can toward ...
This mistake forces the business to offer heavy discounts, reducing profit margins and depleting the resources needed for the next season’s inventory. This could impact cash flow and leave them with insufficient funds to pay suppliers on time. Underestimating peak demand The boutique might fail to...
Find out how the affluent grow their wealth: 44 brilliant passive income streams. Start now with this guide. Want to grow your money without working non-stop? Let your money do the work instead. Passive income helps make money over time without constant effort. This means earning cash during...
If you received them as a payment for good or service, they are also counted as an income tax value. So, probably now you see the need for a professional accountant who will help you make sense and recognize the perks. It’s very easy to make a mistake, especially if you had plenty...
You’re not just minimizing your investment risk: you can also likely afford to take a lower “salary” from your business income, and instead use those funds to drive business growth. If your business is your main source of income, all is not lost. It just means you need to pay a ...
During a payment refund, funds are taken from the merchant account and credited as a new or separate transaction back to the customer’s original form of payment. In this case, the merchant is required to pay interchange fees on the refund. ...