Shaelene’s Tax Tip of the Week – September 22nd

Why is it important to file taxes on time?“If you owe money to the CRA, you will endure a late filing penalty of 5% of your unpaid taxes, plus 1% a month for 12 months from the filing due date. That’s just the first strike. If you fail to file on time again within a three-year period, that penalty goes up to 10% of unpaid taxes plus 2% per month for a maximum of 20 months.”

Have questions? Give us a call at 905-571-2665 (BOOK)!

We’ve got you covered!

Shaelene’s Tax Tip of the Week – September 8th

TFSA or RRSP?

 

“The “best” investment is going to depend on your individual financial situation and goals. Remember: With a TFSA, you pay tax on money you’ve earned before you make a contribution: and with an RRSP you get a tax refund now on money you contribute, but will have to pay tax later, on money you withdraw from the plan.This difference, along with your income, your investment timeline, and other factors will all contribute to making the right decision for your investment dollars. You may find that you can use both vehicles simultaneously.”

Have questions? Give us a call at 905-571-2665 (BOOK)! We’ve got you covered!