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 […]

Looking to convert your RRSP into Retirement Income- Planning Points

CONVERTING YOUR RRSP TO RETIREMENT INCOME  When you reach the age of 71 in a particular year, you must convert your RRSP into retirement income by the end of that year, and the retirement income payments must commence in the following calendar year. However, you, need not wait until age 71 to commence receiving a […]

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 […]

30 Nov

Are you a heart Patient and looking to cover your pre-existing condition under Super Visa Insurance Policy?

Are you a heart Patient and looking to cover your pre-existing condition under Super Visa Insurance Policy? Congested Heart disease is a condition in which your heart does not pump blood the way it should and your arteries get narrowed and blood flow is obstructed. A heart attack (also referred to as myocardial infarction) results [...]
30 Nov

Does Super Visa Insurance policy cover Cancer?

Does Super Visa Insurance policy cover Cancer? Cancer is the abnormal or malignant growth of cells which spread throughout the body destroying healthy tissue. The diagnosis of cancer is usually confirmed by a biopsy and the extent of the disease is established by other tests. Depending on its severity, cancer can be life threatening or [...]
30 Nov
pre-existing condition in a Super Visa Insurance

Pre-Existing Conditions- Super Visa Insurance coverage for Alzheimer, Parkinson and Schizophrenia and Stroke?

Pre-Existing Conditions- Super Visa Insurance coverage for Alzheimer, Parkinson and Schizophrenia and Stroke? When buying Super Visa insurance policy from a  Canadian insurance company, one must take proper care in disclosing the medical issues, current health problems like diabetes, blood pressure, medical issues related to major organs, past surgeries etc. so that policy covers any [...]
24 Oct

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 […]

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