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Check out our Tax Tips with The Mad Accountant
TTT: True or False – Common Myths
How well do you know your tax rules? Are you up-to-date on all of them? The CRA changes their rules often, and that thing your uncle told you about to save some cash might not work anymore, or may have been wrong from the very beginning.
TTT: Business vs Personal Accounts
Running a business is a complicated thing most of the time. Why make it more complicated by having a separate bank account for it? Well, it will make things much simpler when you are dealing with the CRA, and it keeps everything more neat and tidy. It will save you money in the long run!
TTT: Moving Your TFSA
Do you have a TFSA with more than one financial institution? Are you looking to move funds from one to the other? That's great, and might be a smart move. But be careful! The CRA has specific rules about how you can do this and they will penalize you heavily if you do not follow them.