Last month I wrote about the CRA My Account. If you acted on that article, you now have an account set up and can look up all sorts of useful information, get status updates, and upload documents when the CRA asks for them. If you haven’t registered yet, this can serve as your reminder. Since we’re on the subject of government platforms, did you know they have another useful … [Read more...] about Setting up a My Service Canada account
Arnold Machel, CFP®
Arnold Machel lives, works and worships in the White Rock/South Surrey area and has been writing articles for the Light Magazine for over 10 years. He is a Certified Financial Planner® with Visionvest Financial Planning & Services.
CRA My Account
You know you waaaant it! It’s a good bet at this time of year that you have income taxes on your mind. Maybe you have yet to file your return and you’re stressing about that, or maybe you have already filed and are anxious for your refund. Either way, this a great time to set up your Canada Revenue Agency (CRA) My Account, if you haven’t already. There are many reasons to … [Read more...] about CRA My Account
A matter of Trust
New trust reporting rules may catch some unawares Are you the holder or beneficiary of an informal ‘in trust for’ (ITF) account? Are you named on an account or property title with your parent or adult child purely for convenience and/or estate planning purposes? Do you own a home together with your spouse but only one of you is on title? Beware: newly adopted legislation … [Read more...] about A matter of Trust
The ins and outs of RRSPs
Are they right for you? RRSP, TFSA, FHSA, RESP, RDSP, RRIF – the list goes on and on. I’ve written before about various account types available to us as Canadians, but now it’s February and the RRSP deadline is right around the corner (February 29 this year), so I thought I might share the results of a bit of RRSP math with you. As a quick recap, Canadians may invest in a … [Read more...] about The ins and outs of RRSPs
Taxing times: Taking advantage of new TFSA limits
Happy New Year! Did you know that the Canadian government gave you a gift on January 1, 2024? The only catch is that it’s up to you to pick it up. They increased your Tax Free Savings Account (TFSA) limit by another $7,000 this year, bringing the total TFSA contribution limit up to $95,000. Take advantage of it! The TFSA is one of the most tax-advantageous tools we … [Read more...] about Taxing times: Taking advantage of new TFSA limits