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TTT: TFSA Over Contribution
TFSAs and RRSPs are wonderful things. They can save you thousands of dollars in taxes if you use them, and everybody should take advantage of them! But did you know that there are steep penalties to pay if you abuse them? Even if it's unintentional, the CRA does not take kindly to people who over contribute to these accounts.
TTT: Don’t Trust the CRA Download!
The Canada Revenue Agency offers an automatic tax filing service called Auto-File. It has some requirements, but they have made it very accessible. Unfortunately, it doesn't always work as intended. One unlucky Quebec resident ended up owing $70,000 due to a technical mishap. Save yourself the trouble!
TTT: Bare Trusts and Trust Returns
Do you know what a Bare Trust is? Do you have one? Are you eligible for one? The requirements and criteria for these have changed significantly recently, and you might just be surprised.