6 Ways to Celebrate Canada Day Like Canadians Do

Yes, it’s time for the Canada Day yet again, and this year our beloved Canada turns 152 years old. Every year on July 1st, the Canadians display a great show of pride, and patriotism, celebrating its history and diversity which was created as a result of the unification of three British colonies of Brunswick, Nova […]

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 […]

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