Keeping track of vacation property cost
When selling a vacation home, the gain on that property may be taxable in the future. It is important to keep track of the cost to acquire the property; the…
Rental Income as ABI
Can rental income be claimed as Active Business Income (ABI)? In most cases, income from the property will be considered as passive income and would not qualify for a small…
RRSP Vs. TFSA – Which One is Right For You?
First, let's determine the difference between the two - RRSPs – intended specifically as a retirement savings plan· Contributions are tax deductible· Maximum contribution: 18% of earned income or $22,970· Cashed RRSPs treated…