RESP – definition, contribution room and deadlines

What is an RESP? A registered education savings plan (RESP) is a contract between an individual (the subscriber (usually a parent)) and a person or organization (the promoter). Under the contract, the subscriber names one or more beneficiaries (the future … Read More

Home office expenses

There are two types of home office expenses that can be claimed: Home office expenses as a salaried employee or commission employee Business-use-of-home expenses for self-employed Home Office Expenses As an employee, you may be able to claim certain home … Read More


RRSP Deadline, Contribution Limit & Tax Consequences

What is an RRSP? An RRSP (Registered Retirement Savings Plan) is a retirement savings plan that you establish/register to which you or your spouse or common-law partner contribute.  RRSP contributions can then be used to reduce your tax obligation to … Read More

personal tax

Personal tax deadline, tips & tax changes for the year 2017

Canada Revenue Agency (CRA) has started accepting personal tax returns starting February 26, 2018 so we just wanted to take this opportunity to list some important dates, tax tips along with  changes that have taken place in 2017. Deadline: The … Read More

minimum wage

Minimum Wage in Ontario increases to $ 14 an hour today.

General Minimum Wage in Ontario is now $ 14 per hour The new legislation that increases minimum wage in Ontario from $ 11.60/hour to 14/hour takes effect today. The minimum wage will increase again to $ 15/hour on January 1, … Read More

Minimum Wage in Ontario Increases to $ 11.60

Effective October 1, 2017, Ontario has increased its general minimum wage rate from $ 11.40 per hour to $ 11.60 per hour. Special minimum wage rates that apply to liquor servers, students under 18,  and homeworkers will also increase at … Read More

tax credits

Tax tips and credits that can save you thousands!

Below is a summary of tax changes and credits that taxpayers should keep in mind while doing their 2016 taxes. File a Tax Return If you have earned income in 2016, you should file a tax return even if you … Read More


Budget 2017: Uber Tax, Public Transit Credit & Other Tax Changes

Uber Tax (GST/HST): In an effort to “reflect changes in the economy,” the Liberal government will “amend the definition of a taxi business under the Excise Tax Act to level the playing field and ensure that ride-sharing businesses are subject … Read More

tax credits

February is T4 Month

February is upon us and as usual the Toronto Male Leafs likely won’t be making the playoffs once again. The other bad news is it’s time to file your 2016 T4s and T5s. A T4 needs to be completed and filed … Read More