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This article is timely, with the end of the year in sight.
A Registered Retirement Income Fund (RRIF) is a retirement income vehicle in Canada, designed to provide a steady income stream to retirees by converting savings from a Registered Retirement Savings Plan (RRSP) into taxable income. Here's how it works:
Are There Tax Benefits for Couples in Canada?
Curious about the tax advantages that come with getting married or living in a common law relationship? In Canada, there are indeed significant tax perks for couples. The following will begin to outline them.
Filing your personal Canadian income tax return can also help you qualify for various government benefits. Here are some examples:
The choice between a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP) depends on various factors, including your financial goals, current income, and retirement plans. Here are some key considerations for both:
As tax laws and regulations change, it's crucial to consult with a tax professional or check the latest resources for the most up-to-date information.
Here are some common steps individuals may take at the end of the tax year:
As the 2022 tax year is behind us, it is a good idea to start early and plan for 2023. Here are some suggestions on how you can save money on your Canadian income tax for this year:
RN Mabira Professional Corporation
Accounting Services
112 Violet St.
Barrie, ON L4N 9M8
Phone: (905) 252-6796
