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Posts by TAX4 LESS.CA

Canadian estate planning infographic showing how to name beneficiaries or successors for RRSP, TFSA, RRIF, RESP, life insurance, and other accounts

How to Name Successors or Beneficiaries on Various Accounts in Canada

28 July 2025 TAX4 LESS.CA
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Finance, Individual

Navigating the complexities of naming successors or beneficiaries on your accounts in Canada can be a daunting task. Whether you're planning for the future or ensuring your loved ones are taken care of, understanding the nuances of this process is crucial. From bank accounts to investment portfolios, each type of account has its own rules and implications. In this guide, we’ll break down the essential steps and considerations to help you make informed decisions. Discover how to protect your assets and provide peace of mind for yourself and your family. Read on to learn more!

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Infographic showing 2025 CRA car deduction limits in Canada: $38,000 capital cost allowance cap, $350/month interest deduction limit, full HST input tax credit for 90%+ business use, with four real-world car purchase examples.

Can You Claim Full HST and Car Deductions on a Passenger Vehicle in? CRA Sets Different Limits

27 July 2025 TAX4 LESS.CA
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Business Tax-Individual, GST/HST, Incorporation

Are you a business owner wondering about the intricacies of HST and car deductions for your passenger vehicle? The Canada Revenue Agency (CRA) has established specific limits that could significantly impact your tax claims. Understanding these regulations is crucial for maximizing your deductions and ensuring compliance. In this article, we delve into the nuances of claiming full HST and car expenses, providing you with the insights you need to navigate the complexities of tax deductions. Don’t miss out on potential savings—read on to discover how to optimize your claims effectively!

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Infographic illustrating three criteria to qualify for the Lifetime Capital Gains Exemption in Canada. From left to right: a building icon labeled 'Small Business Corporation Test', a calendar with a checkmark labeled 'Holding Period Test', and a silhouette of a person with a red map of Canada overlay labeled 'Personal Residency Requirement'. A subtle silhouette of Canada’s Parliament buildings is in the background.

How to Qualify for the Lifetime Capital Gains Exemption (LCGE) on the Sale of a Canadian InCorporation (CCPC)

23 July 2025 TAX4 LESS.CA
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Incorporation

Are you a Canadian business owner looking to maximize your profits when selling your corporation? Understanding the Lifetime Capital Gains Exemption (LCGE) could save you thousands in taxes! This valuable tax benefit is designed specifically for shareholders of Canadian-Controlled Private Corporations (CCPCs) and can significantly enhance your financial outcome. In this guide, we’ll walk you through the essential criteria to qualify for the LCGE, ensuring you make the most of your hard-earned gains. Don’t leave money on the table—discover how to navigate the complexities of the LCGE and secure your financial future today!

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Infographic explaining Personal Services Business (PSB) in Canada, showing a professional in business attire alongside icons representing government taxation, a checklist, a pie chart, and financial planning elements. The design highlights PSB rules, tax rates, and business structure considerations.

What Is a Personal Services Business in Canada? Tax Rates, Rules & Strategies

21 July 2025 TAX4 LESS.CA
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Finance, Individual

Are you curious about how personal services businesses operate in Canada? Understanding the intricacies of tax rates, rules, and strategies can significantly impact your financial success. Whether you're a freelancer, consultant, or contractor, navigating the landscape of personal services can be challenging yet rewarding. Discover the essential guidelines that govern these businesses, learn how to optimize your tax situation, and explore effective strategies to enhance your profitability. Join us as we delve into the world of personal services businesses in Canada and equip yourself with the knowledge to thrive in this dynamic environment!

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Infographic comparing Federal Incorporation, Provincial Incorporation, and Extraprovincial Registration in Canada. Federal Incorporation section shows a courthouse icon with text 'Canada-wide' and 'Greater name protection.' Provincial Incorporation section shows a provincial map icon with text 'One province only' and 'Lower cost.' Extraprovincial Registration section shows a document icon with text 'Register in other provinces' and 'Needed to expand

Federal vs Provincial Incorporation in Canada: What’s the Difference and Which One Should You Choose?

17 July 2025 TAX4 LESS.CA
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Business Tax-Individual, Corporations Business Tax, Incorporation

When it comes to starting a business in Canada, one of the most crucial decisions you'll face is whether to incorporate federally or provincially. Each option comes with its own set of advantages and challenges that can significantly impact your business's growth and operations. Are you looking for broader market access or a simpler regulatory environment? Understanding the key differences between federal and provincial incorporation can help you make an informed choice that aligns with your business goals. Dive into our comprehensive guide to discover which incorporation route is best suited for your entrepreneurial journey!

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Infographic titled 'RRSP Withdrawal Strategies' showing four illustrated icons with labels: a calculator for 'Low-Income Years,' a bar graph for 'Offsetting Capital Gains,' a house with a dollar sign for 'Home Buyers' Plan,' and a graduation cap for 'Lifelong Learning Plan.' The design uses bold text and a blue, orange, and green color scheme.

RRSP Withdrawals: Smart Strategies to Minimize Taxes and Maximize Gains

15 July 2025 TAX4 LESS.CA
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Finance, Individual

Registered Retirement Savings Plans (RRSPs) are one of the most powerful tax tools available to Canadians. But most people only...

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Financial documents, calculator, and keys on a wooden table with a hand pointing to a paper labeled 'Loss Carry Back,' representing corporate tax refund strategy and CRA compliance.

How Loss Carry-Back Can Save Your Corporation Thousands: A CRA Strategy You Shouldn’t Ignore

14 July 2025 TAX4 LESS.CA
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Business Tax-Individual, Finance, Incorporation, Individual

Are you aware that your corporation could potentially save thousands of dollars in taxes? The Loss Carry-Back strategy, endorsed by the Canada Revenue Agency (CRA), is a powerful tool that allows businesses to offset current profits with previous losses. This means you can reclaim taxes paid in prior years, providing a much-needed financial boost. In this article, we’ll explore how this strategy works, the eligibility criteria, and the steps you need to take to maximize your savings. Don’t let this opportunity slip away—discover how to leverage Loss Carry-Back to enhance your corporation’s financial health today!

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Engaged couple holding hands while reviewing financial documents, calculator, and house keys on a table, symbolizing pre-marriage financial planning.

Pre-Nup Financial Talks: What Couples Must Discuss Before Saying “I Do”

13 July 2025 TAX4 LESS.CA
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Finance, Individual

Engaged couples discussing their financial future—covering student loans, taxes, mortgages, and the importance of involving a professional accountant before marriage.

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Leaving Canada? Here's What to Do with Your FHSA, TFSA, RRSP, and RESP Accounts

Leaving Canada? Here’s What to Do with Your FHSA, TFSA, RRSP, and RESP Accounts

7 July 2025 TAX4 LESS.CA
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Individual

Thinking of leaving Canada permanently? Don’t overlook your registered accounts. From FHSA and TFSA to RRSP and RESP, non-residency can trigger major tax changes, penalties, and missed opportunities. This expert guide breaks down what to keep, what to close, and how to avoid costly mistakes — plus how Tax4Less.ca Inc. can help you stay compliant every step of the way.

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