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Should I put money into a Tax-Free saving account (TFSA)?

Posted on March 1, 2020 by Smart Tax Consultant

A TFSA is a new way for residents of Canada to set money aside, tax-free, throughout their lifetimes. Contributions to a TFSA and the interest on money borrowed to invest in a TFSA are not tax deductible. The income generated in the TFSA is tax-free when withdrawn. The maximum amount that can be contributed to […]

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Work Income Tax Benefit

Posted on March 1, 2020 by Smart Tax Consultant

The WITB is a refundable tax credit intended to provide tax relief for eligible working low income individuals and families who are already in the workforce and to encourage other Canadians to enter the workforce. […]

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Why you should still need to file tax if you don’t have income?

Posted on March 1, 2020 by Smart Tax Consultant

There are federal and provincial refundable tax credits which are payable to you even if you have no earnings and have paid no tax. This includes the Working Income Tax Benefit. […]

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Know more about RRSP losses

Posted on March 1, 2020 by Smart Tax Consultant

losses in an RRSP cannot be claimed as a deduction. However, because you have a lower amount of funds for withdrawal from, you will be taxed less. […]

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Recent Posts

  • Should I put money into a Tax-Free saving account (TFSA)?
  • Work Income Tax Benefit
  • Why you should still need to file tax if you don’t have income?
  • Know more about RRSP losses
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  • 587 434 5166
  • 105 26 Ave SW, T2S 0M3
  • support@smarttaxconsultant.com