1<!DOCTYPE html SYSTEM "about:legacy-compat"> 2<html><head><meta charset="utf-8"/><meta content="IE=edge" http-equiv="X-UA-Compatible"/><meta content="width=device-width, initial-scale=1" name="viewport"/><title>Accounting News, Tips & Advice | Tax Tips</title> 3<link href="https://ajax.googleapis.com/ajax/libs/jqueryui/1.10.4/themes/smoothness/jquery-ui.css" rel="stylesheet" /> 4 5<link href="https://abacusca.ca/images/logo/c5b70c9670be74da0e405b486b3360cc.jpg" rel="image_src"/>
6<script src="//ajax.googleapis.com/ajax/libs/jquery/1.11.1/jquery.min.js"></script>
6<script src="/includes/bootstrap/js/bootstrap.min.js"></script>
6<script src="/includes/bootstrap/js/ie10-viewport-bug-workaround.js"></script>
6<script src="/includes/scripts/template-scripts.js"></script>
6<meta content="Tax tips and advice for planning, preparing and filing your income taxes | Accounting tips that will save you time and money during tax time in Canada" name="DESCRIPTION"/><meta content="Tax tips and advice for planning, preparing and filing your income taxes | Accounting tips that will save you time and money during tax time in Canada" name="KEYWORDS"/><meta content="Designed by CCH Site Builder" name="GENERATOR"/><link href="/favicon.ico" rel="shortcut icon" type="image/x-icon"/><link href="/includes/bootstrap/css/bootstrap.min.css" rel="stylesheet" type="text/css"/><link href="/includes/font-awesome/css/font-awesome.min.css" rel="stylesheet"/><link href="/css/styles.css?template=Arrival&colorScheme=blue&header=headers1&button=buttons1&d=1473875794263" rel="stylesheet" type="text/css"/><style>img { behavior:url("images/pngbehavior.htc"); }</style>
6<script> 7 (function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){ 8 (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), 9 m=s.getElementsByTagName(o)[0];a.async=1;a.src=/g;m.parentNode.insertBefore(a,m) 10 })(window,document,'script','//www.google-analytics.com/analytics.js','ga'); 11 12 ga('create', 'UA-30565455-1', 'abacusca.ca'); 13 ga('require', 'displayfeatures'); 14 ga('send', 'pageview'); 15</script>
15<style> 16/*remove page titles*/ 17.text-header { 18 display: none; 19} 20 21/**change menu text colour**/ 22.menua { 23color: #093c71; 24} 25.menua:hover { 26color: #999; 27} 28 29/*change link colours*/ 30.pageContent a { 31 color: #093c71 !important; 32} 33pageContent a:hover { 34color: #093c71 !important; 35opacity: .8; 36} 37 38/*home page title links*/ 39h2 a { 40 font-size: 20px !important; 41 text-decoration: none; 42} 43h2 a:hover { 44 text-decoration: underline !important; 45} 46 47td#logo_bg { 48 background-image: none !important; 49 background: white; 50} 51/**remove padding above content on pages*/ 52.pageContent_table { 53 padding-top: 0; 54} 55 56/**sidebar to abacus blue**/ 57td#submenu_bg { 58 background-image: none!important; 59 background: #093c71; 60} 61/*remove background colour from behind logo*/ 62td.pageContent_table { 63 background: #fafafa; 64} 65/**remove background image from sidebar list items**/ 66td.submenutable { 67 background-image: none !important; 68} 69/****** hide phone number on desktops********/ 70@media screen and (min-width: 180px) { 71.call-now { 72display: none; 73} 74 75.footer--main { 76 padding: 1.33333em 0 0.1em; 77} 78 79</style> 80<meta content="F8A343C00B83ACCA70AE166617D0BF03" name="msvalidate.01"/></head><body class="news-tips-advice en"> 81 <div class="container-fluid header--section"> 82 <div class="container header--pre"> 83 </div> 84 <div class="container social-media" id="socialMedia"> 85 86 <button class="cch-button social-media" id="cchFacebook" onclick="window.open('http://www.facebook.com/AbacusCA','facebook');"><span class="cch-button-text">Facebook</span></button> 87 <button class="cch-button social-media" id="cchTwitter" onclick="window.open('http://twitter.com/AbacusOttawa','twitter');"><span class="cch-button-text">Twitter</span></button> 88 <button class="cch-button social-media" id="cchLinkedIn" onclick="window.open('http://www.linkedin.com/company/abacus-chartered-accountant','linkedin');"><span class="cch-button-text">LinkedIn</span></button> 89 90 <button class="cch-button module lang-en" id="cchFileShare" onclick="window.open('https://fileshare.cchwebsites.com/index.php?hash=4de8fb8878ada','fileShare');" title="Access your files with our secure, online document sharing application. Click here to enter your username and password."><span class="cch-button-text">File Share</span></button> 91 92 93 </div> 94 <nav class="navbar navbar--main" id="navbar--main"><div class="navbar--wrapper"> 95 <div class="container" id="logoContainer"> 96 <a class="navbar-brand company navbar__link--home" href="./" id="logo"> 97 <span class="logo--container"> 98 <img alt="Logo" class="logo__img" src="/images/logo/c5b70c9670be74da0e405b486b3360cc.jpg?template=Arrival&colorScheme=blue&header=headers1&button=buttons1&d=1473875794263"/></span> 99 <span class="title"> 100 101 102 103 </span> 104 </a> 105 </div> 106 <div class="container nav-container"> 107 <button aria-controls="navbar" aria-expanded="false" class="navbar-toggle collapsed navbar__button--toggle" data-target="#navbar--collapse" data-toggle="collapse" type="button"> 108 <span class="sr-only">Main Navigation</span> 109 <span class="toggle-button"> 110 <span class="icon-bar"></span> 111 <span class="icon-bar"></span> 112 <span class="icon-bar"></span> 113 </span> 114 </button> 115 <div class="collapse navbar-collapse" id="navbar--collapse"> 116 <ul class="nav navbar-nav navbar--main"> 117<li class="main-nav-item"><a href="/home.html">Home</a></li> 118<li class="main-nav-item"><a href="/contact_us.html">Contact Us</a></li> 119<li class="dropdown"> 120<a href="/clientservices.html">
120Client Services</a><a class="dropdown-toggle toggle-control" data-toggle="dropdown" href="#" id="menu-client-services-section"><span class="caret"></span></a> 121<ul aria-labelledby="menu-client-services-section" class="dropdown-menu" id="menu-client-services-dd" role="menu"> 122<li class="sub-nav"><a href="/clientservices2.html">Accounts and Financial Statements</a></li> 123<li class="sub-nav"><a href="/clientservices3.html">Notice to Reader Compilation, Review and Audit</a></li> 124<li class="sub-nav"><a href="/clientservices4.html">Tax Planning and Tax Compliance</a></li> 125<li class="sub-nav"><a href="/clientservices7.html">Business Start-up</a></li> 126<li class="sub-nav"><a href="/clientservices8.html">Corporate Finance and Strategic Planning</a></li> 127</ul> 128</li> 129<li class="main-nav-item"><a href="/firm_profile.html">Firm Profile</a></li> 130<li class="main-nav-item"><a href="/financial_tools.html">Financial Tools</a></li> 131<li class="dropdown"> 132<a href="/news-tips-advice.html">Tax Tips, News & Advice</a><a class="dropdown-toggle toggle-control" data-toggle="dropdown" href="#" id="menu-tax-tips,-news-&-advice-section"><span class="caret"></span></a> 133<ul aria-labelledby="menu-tax-tips,-news-&-advice-section" class="dropdown-menu" id="menu-tax-tips,-news-&-advice-dd" role="menu"> 134<li class="sub-nav"><a href="/cra-tax-by-instalments.html">Paying Tax by Instalments to the CRA</a></li> 135<li class="sub-nav"><a href="/new-mortgage-financing-rules-canada.html">New Mortgage Financing Rules for Canadians</a></li> 136<li class="sub-nav"><a href="/choosing-rrsp-or-tfsa-guidelines.html">RRSP and TFSA Contribution Guidelines</a></li> 137<li class="sub-nav"><a href="/january-2016-tax-planning-tips.html">Tax Planning Tips for January 2016</a></li> 138<li class="sub-nav"><a href="/claiming-union-dues-professional-fees-canada.html">Claiming Union Dues and Other Professional Fees</a></li> 139<li class="sub-nav"><a href="/financing-education-llp.html">Financing education through a Lifelong Learning Plan</a></li> 140<li class="sub-nav"><a href="/tax-planning-tfsa-rrsp.html">Year End Tax Planning Tips for TFSAs and RRSPs </a></li> 141<li class="sub-nav"><a href="/year-end-tax-planning-tips-2015.html">2015 Year End Tax Planning Tips</a></li> 142<li class="sub-nav"><a href="/old-age-security-canada.html">Understanding Old Age Security (OAS) Canada</a></li> 143<li class="sub-nav"><a href="/tax-implications-holiday-gifts.html">Tax Implications of Holiday Gift Giving</a></li> 144</ul> 145</li> 146<li class="main-nav-item"><a href="/links.html">Links</a></li> 147<li class="main-nav-item"><a href="/info_center.html">Info Centre</a></li> 148 149 </ul></div> 150 </div> 151 </div> 152 </nav></div> 153 <div class="container-fluid header__img"> 154 <img class="img--full" src="/images/header.jpg?template=Arrival&colorScheme=blue&header=headers1&button=buttons1&d=1473875794263"/><div class="header__img--message"> 155 </div> 156 </div> 157 <div class="container slogan"> 158 159 160 161 </div> 162 163 <div class="container-fluid" id="content"> 164 <div class="container content--container"> 165 <div class="row"> 166 <div class="content-main"> 167 <h1 id="pageTitle"> 168 169 Tax Tips, News & Advice 170 171 </h1> 172 173 <div id="page_description"><h1>Accounting & Tax Tips, News & Advice</h1> 174<p></p> 175<h2><a href="https://abacusca.ca/cra-tax-by-instalments.html" target="_blank" title="Pay tax by instalments to CRA">Paying your Income Tax by Instalments</a></h2> 176<p>Learn what to do with your CRA notice for tax instalments. How it's calculated and what are your options... <a href="https://abacusca.ca/cra-tax-by-instalments.html" title="Learn about tax instalments">Read More</a></p> 177<p></p> 178<h2><a href="https://abacusca.ca/new-mortgage-financing-rules-canada.html" title="New Mortgage Rules for Canadians">New Mortgage Rules for Canadians Beginning February 2016</a></h2> 179<p>February 15, 2016 is when new mortgage financing rules will take effect | Increasing the minimum down payment to 5% | Decreasing the maximum amortization period to 25 years... <a href="https://abacusca.ca/new-mortgage-financing-rules-canada.html" target="_blank" title="New Mortgage Rules for Canadians">Read More</a></p> 180<p></p> 181<h2><a href="https://abacusca.ca/choosing-rrsp-or-tfsa-guidelines.html" target="_blank" title="RRSP or TFSA February 2016">
181RRSP or TFSA Annual Contribution Decision Guide</a></h2> 182<p>Every year in February Canadians must make their annual RRSP contribution. Learn the advantages and disadvantages of the RRSP contribution compared the TFSA... <a href="https://abacusca.ca/choosing-rrsp-or-tfsa-guidelines.html" target="_blank" title="RRSP or TFSA February 2016">Read More</a></p> 183<p></p> 184<h2><a href="https://abacusca.ca/january-2016-tax-planning-tips.html" target="_blank">Tax Planning Tips to Start the Year - January</a></h2> 185<p>Taking some time to review one’s tax situation—and perhaps putting a few strategies in place—at the beginning of the year can help avoid a cash flow crisis or other financial shock when the RRSP contribution deadline looms or it is tax filing (and tax payment) time in the spring of 2017... <a href="https://abacusca.ca/january-2016-tax-planning-tips.html" target="_blank" title="Tax Planning Tips January">Read More</a></p> 186<p></p> 187<h2><a href="https://abacusca.ca/claiming-union-dues-professional-fees-canada.html" target="_blank" title="Claiming Union Dues & Insurance Premiums in Canada">Claiming Union Dues and Insurance Premiums in Canada</a></h2> 188<p><span>Professional fees and union dues can be deducted where membership in a trade union is a requirement for the taxpayer to work in his or her trade or occupation. The Canada Revenue Agency’s (CRA’s) position is that membership dues and parity or advisory committee (or similar body) dues required under provincial or territorial law qualify for the deduction... <a href="https://abacusca.ca/claiming-union-dues-professional-fees-canada.html" title="Tax Deductions | Union Dues & Professional Fees">Read More</a></span></p> 189<p></p> 190<h2><a href="https://abacusca.ca/financing-education-llp.html" target="_blank" title="Financing Education through a Lifelong Learning Plan">Financing Education through a Lifelong Learning Plan</a></h2> 191<p><span>The Lifelong Learning Plan, or LLP, allows Canadians to withdraw funds from their RRSPs, without paying tax on those withdrawals, where the funds will be used to further their education, or that of their spouse. (Education costs for one’s children do not qualify for the Lifelong Learning Plan.)... <a href="https://abacusca.ca/financing-education-llp.html" target="_blank" title="Lifelong Learning Plan and RRSP">Read More</a></span></p> 192<p></p> 193<h2><a href="https://abacusca.ca/tax-planning-tfsa-rrsp.html" target="_blank" title="TFSA & RRSP Tax Planning Tips">Year End Tax Planning Tips for TFSAs and RRSPs</a></h2> 194<p><span>Most Canadians are aware that the deadline for contributing to one’s registered retirement savings plan (RRSP) is 60 days after the calendar year end. The fact is, however, that there are some situations in which planning strategies involving TFSAs and RRSPs have to be put in place by the end of the calendar year... <a href="https://abacusca.ca/tax-planning-tfsa-rrsp.html" title="TFSA and RRSP Tax Planning Tips">Read More</a></span></p> 195<p><span></span></p> 196<h2><a href="/year-end-tax-planning-tips-2015.html" target="_blank" title="2015 Year End Tax Planning Tips">Year-end tax planning tips (December 2015)</a></h2> 197<p><span>A list of some of the more common tax deductions and credits which are claimed by Canadian taxpayers, and the year-end considerations that apply to each. Information regarding how to claim medical expense and making charitable donations... <a href="/year-end-tax-planning-tips-2015.html" title="2015 Tax Planning Tips">Read More</a></span></p> 198<h2><span></span></h2> 199<h2><a href="https://abacusca.ca/old-age-security-canada.html" target="_blank" title="Understanding Old Age Security Canada">Understanding Old Age Security (OAS) in Canada</a></h2> 200<p><span>While many retired Canadians receive both OAS and CPP benefits every month, the two plans are quite different. The differences between the CPP and OAS extend to how each program is financed. The CPP, like all contributory pension plans, is financed out of contributions made and income earned from the investment of those contributions. OAS, on the other hand, is paid from general federal government tax revenues... <a href="https://abacusca.ca/old-age-security-canada.html" target="_blank" title="Old Age Security Compared to CPP Canada">Read More</a></span></p> 201<p><span></span></p> 202<h2><a href="https://abacusca.ca/tax-implications-holiday-gifts.html" target="_blank" title="Tax Implications for Holiday Gift Giving">Tax Implications of Holiday Gift Giving</a></h2> 203<p><span>The holiday season is the time when many employees can expect to receive something “extra” from their employer, whether by way of a cash bonus, a non-monetary g
203ift or even an annual holiday party. And, it’s certainly possible to structure such extras in a way that doesn’t attract the unwanted attention of the taxman. To do so, however, a little advance planning is required... <a href="https://abacusca.ca/tax-implications-holiday-gifts.html" target="_blank" title="Tax Implications for Christmas Bonus">Read More</a><br/></span></p></div> 204 205 </div> 206 </div> 207 <div class="row modules"> 208 209 210 211 212 </div> 213 </div> 214 </div> 215 <div class="container-fluid footer--container"> 216 <div class="footer--pre"> 217 <div class="container footer--section footer--pre--section"> 218 </div> 219 </div> 220 <div class="footer--main"> 221 <div class="container footer--section footer--main--section"> 222 223 <div class="row"> 224 <div class="col-xs-12 col-md-4 col-lg-4 col-left"> 225 </div> 226 <div class="col-xs-12 col-md-4 col-lg-4 col-middle"> 227 </div> 228 <div class="col-xs-12 col-md-4 col-lg-4 col-right"> 229 </div> 230 </div> 231 </div> 232 233 </div> 234 <div class="footer--post-1"> 235 <div class="container footer--section footer--post-1--section"> 236 </div> 237 </div> 238 <div class="footer--post-2"> 239 <div class="container footer--section footer--post-2--section"> 240 241
241<script src="/includes/scripts/tax-alerts.js"></script>
241</div> 242 </div> 243 </div> 244 <div class="copyright footer" id="copyright"> 245 246 Abacus Chartered Accountant | CPA Ottawa - 377 Dalhousie Street, Suite 303 - Ottawa, ON K1N 9N8 - 613-244-5103 247 248 </div> 249 250 251
251<script type="module" src="https://static.cloudflareinsights.com/beacon.min.js/v31edd6df95cf4e85bb4c19e7a9bdbcba1788362987495" integrity="sha512-iIg7k2xntmwu6/uSb5tpc/hySgZc4eoL31yB29W6tJFo2akwjPWcEqnCEdJvGexCL0KEQwVYv5BlowfhVz26hg==" data-cf-beacon='{"version":"2024.11.0","token":"269bf025315c4dcea430796faab6b51d","r":1,"spa":2}' crossorigin="anonymous"></script>
251 252</body></html>
Line numbers count LF bytes from the start of the resource, as the search results do. Vendor segments are library code the classifier recognised; they are stored but not indexed. Bytes are shown as Latin1 characters, one per byte.