Canada News Centre

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Election to Stop Paying CPP Contributions

An employee can complete the CPT30 election to stop paying CPP contributions on the date that they turn 65. This election applies to both employment and self-employment earnings. If the person only has self-employment earnings the form is not needed – the election is done…

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Northern Residents Deduction

The Northern Residents Deduction is a deduction from income, not a tax credit, so tax is saved at your marginal tax rate. There are two parts to the northern residents deduction – the residency deduction, and the travel deduction. If you are living in a…

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Life in the Tax Lane April 2019

Topics in this month’s 10-minute video: “Nominal” consideration on gift of capital property could cause tax problems; current expense vs capital expenditure; Federal 2019 Budget – zero-emission vehicles, housing measures, shared equity mortgages, Canada training credit. Click below to read more: Life in…

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Define Your Financial Goals

You can eliminate some major decisions by setting long term goals regarding your financial future. It’s not as difficult as it sounds, because you don’t have to plan your whole financial life at once. At the start, you have to set out your major goals….

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2020 TFSA Contribution Limit

The TFSA contribution limit for 2020 will be $6,000, unchanged from 2019. At the current inflation rate, the limit will increase to $6,500 in 2023. Click below to read more: 2020 TFSA Contribution Limit Source: Tax Tips