Are you currently a student? It may be summer but it is always a good idea to be aware of the tax changes that may affect you as a student.  Here’s what you need to know regarding the tax changes for the tax years 2016 and 2017. Canada Child Benefit:  As of July 2016, the Canada Child Benefit (CCB) has replaced the Canada Child Tax Benefit (CCTB) and the Universal Child Care Benefit (UCCB).  The CCB is a tax-free monthly payment made to eligible families to help them with the cost of raising children under 18 years of age.  The CCB...
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Last July 18th, 2017, the Department of Finance released information regarding some proposed tax changes aimed at addressing tax planning strategies commonly used by private corporations. These strategies include income/dividend sprinkling, passive investment income and converting income to capital gains.  The Department of Finance describes these three key tax planning strategies as follows: -      Sprinkling income using private corporations – This strategy shifts income from an individual on a higher personal income tax rate to a family member on a lower personal income tax rate or who may not be taxable at all. -      Holding a passive investment portfolio inside a...
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Do you have bad credit history? Having bad credit history can limit your capacity to make major financial decisions.  In this day and age, most major financial transactions require a review of your credit score, from purchasing a vehicle to getting financing for your business.  There are many things you can do to get your credit score to where you want it to be. We’ve narrowed it down to these 5 quick and easy ways to improve your credit score. Pay ALL your bills on time. Sounds easy enough right? Not really. According to a recent survey, most Canadians are having...
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Having bad credit can affect your ability to buy a new car, purchase a home, and it can even interfere with your ability to secure a job.  Building a solid credit history can be tricky, but there are proven ways to build credit so you can give your score a much needed boost. Check out these 4 smart ways to build good credit: Get educated Building good credit is not just about getting a couple of credit cards.  There are many factors involved when calculating your credit score.  These include payment history, amounts owed, length of credit and types of credit...
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