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? […]
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. […]
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 […]