Inst. of Chartered Accountants

The ABCs of RRSPs

The Government of Canada was surely smiling on taxpayers the day it created Registered Retirement Savings Plans (RRSPs). These tax deferral programs not only help us save for retirement, they also let us postpone paying the taxes that go with that money until later.

RRSP Checklist

• The RRSP deadline is March 1, 2011.
• To qualify as a 2010 deduction, contributions to your personal or spousal RRSP must be made on or before March 1, 2011.
• Determine your RRSP contribution limit for 2010 by referring to your previous year’s Notice of Assessment from the Canada Revenue Agency (CRA), or visit the CRA website at (link).
• Determine how much, if any, you have already contributed to your RRSP for 2010.
• You can take advantage of any unused 2010 RRSP room up to your contribution limit. You will receive a 2010 tax deduction for this amount as long as the contribution is made by the March 1, 2011 deadline.

Technology can boost your business

If there’s some part of your small business that needs managing, chances are there’s an electronic solution. If you’re like most business owners, your hands are full just keeping your operation going. Who has the time to find out about new technology and tools, set up the systems and then learn how to use them?

Cautiously connected: protect yourself online

There’s a lot to know about social media and how to make the most of sites like Facebook and Twitter. One thing many of us don’t know is how to protect ourselves and our identities when we use them.

2011 resolutions for a more successful business

This time of year seems to be “resolution-making time”, so take a few minutes for yourself to think about how you can make your business better in the new year. Chartered Accountant and Chartered Insolvency and Restructuring Professional André Bolduc is Senior Vice-President at BDO Canada Limited in Ottawa. He has worked with businesses of all types and sizes, seeing them through the challenging times as well as the good ones. Here, he shares 10 resolutions that you can make to help accelerate your business’s success, and maybe even relieve a little of the stress that comes with being an owner.

Resolutions for healthier finances in 2011

Of the top 10 New Year’s resolutions, managing personal finances often emerges at the head of the pack. If you’re determined to get better control of your money matters in 2011, there’s help to get you on track. Chartered Accountants Peter Brown, CA, CFP, CLU, in Niagara Falls and David Gowling, CA, CACIRP, Senior Vice President of Herpers Chagani Gowling Inc. in Hamilton, offer seven tips to start the year off on the right foot and help you stay on the road to financial security.

Insure your business for less

At some point, just about every business owner is forced to tighten their belt. When watching your money, it’s tempting to cut back on the things you think you won’t miss right away.

Make sense of insurance

In life, is some amount of risk inevitable? If you answered yes, you’ve just made the case for owning insurance.

More holiday, less debt, less stress

Many consumers enjoy loosening the purse strings when the holiday season rolls around. But for some, year-end spending, (or overspending) can have serious consequences … all year long.

Gifts for the giver: do for others and yourself this year

The holiday season is all about giving … to others. But if you believe that it’s perfectly alright to pick up a little something for yourself while you’re being generous to others, consider some of the “gifts” that the Canada Revenue Agency has to offer.

No family? Succession planning tips for your small business

Succession planning is an important part of the vision you have for your company’s future. But what if you have no family members to succeed you? Here are five tips on non-family succession planning from Chartered Accountant David Townley, a partner with WFT Corporate Finance & Valuations Ltd. in Toronto.

Leaving your business to the children

You have worked hard to establish a successful business and your greatest wish is to pass that business on to your children. Achieving a smooth transition to the next generation can be a difficult challenge but here are seven tips to help the process along.

How to save money when you don’t have much of it!

Groceries, housing, transportation - it’s hard to make ends meet when you don’t make a lot of money. But no matter what your income, it’s important to set aside a little of what you earn. Here are some basic tips on how to save money and plan for the future.

What kind of bank account do you need?

Everyday chequing, high-interest savings, tax-free savings - there are a dizzying array of bank accounts available. How do you know which type to use and for what purpose? Here are some basic tips from Chartered Accountant Brian Quinlan, a partner with Campbell Lawless Professional Corporation in Toronto.

Help fund higher education

The U.K. publication Times Higher Education has released its 2010 rankings of the world’s best schools. Nine Canadian universities were in the top 200.# But higher education comes with a steep price tag. The growing costs are usually shouldered by students themselves, often with help from family members, providing their pockets are deep enough.

Tax tips for students

The costs of pursuing higher education continue to rise, especially in Ontario where university tuition fees are among the highest in the country.* Fortunately, the Canada Revenue Agency (CRA) administers a range of programs and tax credits to help offset some of the costs of college and university. And, in many cases, it’s not just the students, but those who help them financially that can file the claims.

Beware when buying online, shopping online is not risk-free

Selling goods online is very popular these days, whether you are an individual wanting to unload a few possessions or a business offering a broad range of products. But as common as online selling may be, it still carries some risks.

Beware when buying online

Books, music, movies, computers, software, concert tickets, clothing, furniture - today you can buy just about anything online. But shopping online is not risk-free. Protect yourself with some simple tips the next time you get bit by the online shopping bug.

Manage your finances in a recovering economy

Two years after the global financial crisis began, signs of an economic recovery have just started to emerge. How does it affect you? Here are 10 tips on how to manage your personal finances during an economic recovery.

Merging your finances

When you got together, you and your partner probably pooled your furniture, combined your CD collection and discussed your long-term goals.