Tag / RRSP
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Digital Currency: Basics and Tax Implications
What is Digital Currency (DC)? DC is essentially electronic money. It’s not available as bills or coins. Cryptocurrency is a type of DC created using computer algorithms with the most popular being…
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Are you ready for retirement?
The Canadian Retirement Income Calculator (https://www.canada.ca/en/services/benefits/publicpensions/cpp/retirement-income-calculator.html) provided by the Government of Canada estimates retirement income generated through a number of programs such as the Canada Pension Plan, Old Age Security pension, an…
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RRSP Beneficiaries and Tax Liabilities
Financial Institutions issuing RRSPs or RRIFs cannot withhold or remit taxes when paying out proceeds from a deceased person’s RRSP or RRIF. If you are the sole beneficiary named on an RRSP…
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Statute-Barred Assessments: Relying on Promoters
In a Tax Court of Canada case, at issue was whether the Minister could assess the taxpayers outside of the normal reassessment period (generally three years after the notice of Assessment is…
