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No matter how much you hate paying taxes to the Canada Revenue Agency (CRA) every year, you can’t be delinquent in your tax obligations. Late filing will cost you already, but not paying at all is a criminal offence. Tax evasion or intentionally ignoring Canada’s tax laws has serious consequences.
However, Canadian taxpayers have ways to lessen the impact of the compulsory financial charge of the government. You can do some nifty moves or tricks using the available tax-advantaged and tax-sheltered accounts. The Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) are excellent tools to offset tax payables.
CPP Pensioners: 2 Reasons to Delay Your Payout Till Age 70 Image source: Getty Images
The Canada Pension Plan, or CPP, is a monthly taxable benefit that aims to replace a part of your income during retirement. The typical age for Canadians to start receiving CPP payouts is 65. However, you can start receiving the pension as early as age 60 or delay it till you reach the age of 70.
Let’s take a look at why it makes sense to delay your CPP payout.
Higher CPP payout
There is a strong incentive for pensioners to delay their pension payouts. You will benefit from an 8.4% increase in payouts for each year you delay the CPP. This means your CPP payment will increase by 42% if you wait till the age of 70 to start the pension.
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Parents want the best for their children, with education goals as the top priority. Fortunately, Canadian parents can set up a Registered Education Savings Plan (RESP) for a child’s future success. You need only a birth certificate and a child’s social insurance number to start the ball rolling.
If you’re looking after your children’s future welfare, you can open an RESP in most financial institutions. They could be banks, mutual fund companies, and credit unions, among others. You can hold investments such as bonds, mutual funds, GICs, ETFs, and stocks in your RESP. Do it yourself or seek assistance from a financial advisor.
Leading Cybersecurity Provider, eSentire, Named One of Canada’s Top Small and Medium Employers Five Years Running Recognized for employee training, tuition subsidy programs and generous year-end bonus plan
April 07, 2021 11:00 ET | Source: eSentire eSentire Mount Pleasant, South Carolina, UNITED STATES
Waterloo, Ontario, April 07, 2021 (GLOBE NEWSWIRE) eSentire, Inc., the leading global provider of Managed Detection and Response (MDR) cybersecurity services, has been selected for the fifth year in a row as one of Canada’s Top Small & Medium Employers by Mediacorp Canada Inc. The company was chosen for putting its employees’ futures first with ongoing employee training, tuition subsidy programs, a generous year-end bonus offering and a robust Registered Retirement Savings Plan (RRSP) contribution match plan.
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