Mortgage Protection Insurance
Moving can Be Hassle-Free with Right Life Insurance Policy Moving into a new house? Do you think you’ve got all the necessary things covered for moving out smoothly? Have you taken an insurance too? Well, are you wondering if It is necessary to buy insurance for a hassle-free house moving process? Suppose you move to […]
Importance of naming a beneficiary
Why You Must Name a Beneficiary The sad truth about money and material things is that you can’t take them with you to your grave. All that must be left to someone, and someone dear for that matter who might use it well. This is why you name a beneficiary wherever possible. What do you […]
How to Go about Building a Financial Plan that Matters
Future is always uncertain; planning for life means building value and realising goals. Money should exactly do the same thing what we expect from it at different intervals of life. This is why devising a financial plan today will not only help you meet your financial requirements today but also to help you live well […]
Your Money Your control- A win-win situation
Neither there are less books on managing money in the market nor there is a dearth of information available on internet but still Canadians are struggling with high debt, low savings rate and tough retirement. A question is that how long we will keep thinking that Government money is sufficient for having a comfortable retirement? […]
Are you a parent and looking to save for your child’s post secondary education, RESP is the answer…………
REGISTERED EDUCATION SAVINGS PLAN (RESP) Registered education savings plans are a tax-advantaged incentive program to encourage individuals to accumulate savings to provide for the post-secondary education of named “beneficiaries”, typically children or grandchildren. There are two types of plans sponored group plans, offered by RESP promoters, and plans offered by financial institutions, mutual fund companies, brokers […]
What is Deferred Profit Sharing Plan
DEFERRED PROFIT SHARING PLAN (DPSP) The DPSP is a plan which allows the employer to deduct contribution made for the benefits or its employees based on criteria specific to each plan. Maximum Contribution to a DPSP Employee: No contribution allowed. Employer: 18% of the salary paid to the employee without Exceeding the DPSP contribution […]
What is Pooled Registered Pension Plan
POOLED REGISTERED PENSION PLAN (PRPP) Pooled Registered Pension Plans are similar to money purchase registered pension plans, allowing employers and employees, or self-employed individual to make tax-deductible contributions to those plans. PRPP contributions made by an employer, an employee, or a self-employed individual in the year reduce the plan holder’s PRPP contributions of that year. […]
What is Registered Pension Plan (RPP)
REGISTERED PENSION PLAN (RPP) Registered pension plans allow individuals to accumulate retirement funds by means of at-source deductions against their salary. The employer and employee may contribute to an RPP with respect to services rendered by the employee in the year of during a previous taxation year. For more information on RPPs, see CRA Guide […]
Passive Investment Rules and Small Business Deduction
Budget 2018 Reduction of small business deduction (SBD) for CCPC’s that have significant passive investment income Theory appears to be a CCPC that has accumulated a material amount of passive investments ($1 million) is taking undue advantage of the tax deferral afforded by the small business deduction Will apply to tax years beginning after 2018 […]
Registered Education Savings Plan
REGISTERED EDUCATION SAVINGS PLAN (RESP) This plan allows subscribes to make non-deductible contributions to finance the post-secondary education of their children, grand-children, or any other qualifying beneficiary. Beneficiaries under the plan, if enrolled in a qualifying educational program, may receive payments of up to $5,000 for the first 13 week period of study and any […]