Shaelene’s Tax Tip of the Week – August 16th

Books In Line

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!

Tap tip found here

Shaelene’s Tax Tip of the Week – August 9th

Books In Line

Do you plan on selling your principal residence?

As long as it has been your principal residence for every year that you have owned the property, you will not have to pay any tax on any gain from the sale.  If it was not your principal residence at any time you have owned the property, or only part of the property is considered your principal residence, you will have to pay part of the tax on the capital gain corresponding to the years it wasn’t or the square feet that wasn’t included as part of the principal residence.
Have questions?
Give us a call at 905-571-2665 (BOOK)!
We’ve got you covered!