Estate Planning: The Importance of Beneficiary Designations

When you open a Registered Retirement Savings Plan (“RRSP”), Registered Retirement Income Fund (“RRIF”), or Tax-free Savings Account (“TFSA”), the account opening documents typically include a place for a beneficiary designation.  What is a beneficiary designation, and what are the consequences of designating or not designating a beneficiary? Beneficiary Designation Explained A beneficiary designation is […]

Five Reasons to Always File a Personal Tax Return

Five Reasons to Always File a Personal Tax Return

As a Canadian resident, you’re only required to file a personal tax return if: You owe taxes (i.e., before applying credits for source deductions and installments). You’ve earned taxable capital gain or disposes of capital property in the year. You have a balance in your Home Buyer’s Plan or Lifelong Learning Plan at the end […]