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Tag Archives: Income
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January 28, 2013
- Masters of Money
What Happens When You Can’t Qualify
If your mortgage application has been declined, it’s probably due to low income, too much debt or bad credit. Here are some ideas of what you can do if you’re getting declined. MORE
November 7, 2012
- Masters of Money
Figure Out Your Funds – Go For Tax Efficiency
That darn old death and taxes thing. It’s hard (impossible?) to change the Grim Reaper’s mind, but you do have a wee bit more control over how deeply Ottawa and your home province dip into your pocket come tax time. We have few tax shelters left for the average person these days, but you can reduce how much tax is triggered by your investments. MORE
September 26, 2012
- Masters of Money
Tax Credits for Seniors
With age comes wisdom — and tax breaks such as the age amount, which is available exclusively to older tax payers. Other tax credits, such as medical expenses or the disability amount, are available to all taxpayers but tend to be used by Canadians as they get older. Let’s look at how these tax credits work. MORE
August 9, 2012
- Masters of Money
How is Investment Income Taxed?
Non-registered investment accounts have no special “tax status” the way registered accounts, such as RRSPs or TFSAs, do. All investments held in these accounts are subject to tax, but not all investment income is taxed in the same way or at the same rates. Some investment income attracts less tax than others. MORE
July 23, 2012
- Masters of Money
Registered Accounts: TFSAs
Canadians 18 or older with a valid Social Insurance Number can save up to $5,000 each year in a Tax-Free Savings Account (TFSA). A TFSA is a very flexible savings vehicle. Unlike a Registered Retirement Savings Plan (RRSP), contributions to a TFSA are not tax deductible. The money you put into a TFSA has already been taxed. As a result, you can withdraw your TFSA savings whenever you want for any reason, without any tax consequences. MORE
Tagged Contribute, Funds, Income, investment, savings, Tax, tfsa
