what are rrsps tagged posts

File Tax Online: How to NETFILE

How to NETFILE - File Tax Online

As stated in my previous article, Income Tax – The Agony and the Ecstasy, many Canadians choose to prepare and submit their own tax returns, using the Income Tax and Benefit Guide and other supporting information. Increasingly, they are abandoning the paper return and opting to file electronically. This article will provide you with an overview of how to NETFILE.

A Growing Trend to File Tax Online

According to the Canada Revenue Agency (CRA) website, in 2012 almost 66 % of Canadians filed their returns electronically, either on their own or with the help of a tax preparer...

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RRSP or TFSA – Which Savings Plan is Best for You?

RRSP or TFSA?

What are RRSPs? What are TFSAs? How are they different? What are the advantages of RRSPs and the advantages TFSAs? Which is best fit for your savings plan? Registered Retirement Savings Plans (RRSP) and Tax Free Savings Accounts (TFSA) are both good ways to save and allow Canadians to invest in a variety of funds including guaranteed investment certificates (GICs), mutual funds, stocks and bonds. However, they are subject to very different tax treatment.

RRSP

The annual deduction limit for RRSPs, also known as contribution room, is 18 % of your previous year’s income as reported on your tax re...

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