El Centro Newspaper, Friday, November 3, 2017
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Essential tax numbers for 2022
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...
December Year-End Readiness Update
December Year End Readiness Update Year-End is almost here! RGB Accounting and ADP want your Year-End to be less stressful and less work. After processing your last payroll for 2021, ADP will automatically run a new Tax Form Trial Run Report. What should you do?...
Do corporate loans count as taxable income?
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.
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 doing so is...
How the principal residence rule works
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...