Essential tax numbers for 2022

by Roberto Belingueres | Dec 14, 2021 | Articles & Publications, Taxes

Essential tax numbers: updated for 2022 Use this handy list of tax numbers as a quick reference. Working individuals Maximum RRSP contribution: The maximum contribution for 2022 is $29,210; for 2021, it’s $27,830. The 2023 limit is $30,780. TFSA limit: In 2022, the...

Do corporate loans count as taxable income?

by Roberto Belingueres | Nov 22, 2021 | Advisory, Articles & Publications, Taxes

Do corporate loans count as taxable income? When shareholders or employees borrow money from a corporation, that money is generally considered taxable income. But this rule, like many CRA rules, has exceptions. Many shareholders and employees borrow funds from their...

Beware of using your corporation’s income to pay personal expenses.

by Roberto Belingueres | Nov 21, 2021 | Advisory, Articles & Publications, Taxes

Beware of using your corporation’s income to pay personal expenses. Suppose you own an incorporated business or professional corporation. In that case, it can be pretty tempting to pay for various personal expenses out of your corporation’s income, but...

How the principal residence rule works

by Roberto Belingueres | Nov 21, 2021 | Advisory, Articles & Publications, Taxes

Principal Residence Rules Since 1982, each family unit (including you, your spouse or common-law partner, and any unmarried kids under the age of 18) has been able to designate one property as its principal residence for each calendar year. To simplify the...

Introducing the new Confirm my Representative service

by Roberto Belingueres | Oct 18, 2021 | Articles & Publications, Taxes

The new Confirm my Representative service. On October 18, 2021, the Canada Revenue Agency (CRA) is introducing a new, two-step verification process to make authorizing a representative using Represent a Client more efficient and secure. The new process makes it easier...

RRSP/RRIF and non-registered investments

by Roberto Belingueres | Oct 15, 2021 | Advisory, Articles & Publications, Taxes

Drawing from your RRSP/RRIF and non-registered investments. It often helps to think in terms of family wealth and tax efficiency. One of the most asked questions the newly retired or those about to retire have is: “When should I start drawing from my registered...