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Check out our Tax Tips with The Mad Accountant
TTT: RRSP Over Contributions
RRSP, RESP, TFSA, FHSA... The acronyms add up. And so do the contributions! Each account has different limits and different rules about what happens if you add more money than you're supposed to. The penalties often add up quickly, so it's very important to stay on top of them!
TTT: Some Bookkeeping Tips
Running your own business can be very rewarding and very lucrative. But there's a lot that goes into it, and bookkeeping is one of the biggest challenges that small business owners face. Check out this week's post for some bookkeeping tips that will help keep you on track for a good year!
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.