You can make contributions to a RESP to save money for your child's education. Universities are expensive nowadays. The plan will help to avoid your child starting with a debt after finishing his / her education.
The contributions are made with after tax dollars. Investment income realised by the funds are taxable when your cild is attending a post secundary institute. However because ormally
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CRA requires to report the sale of a principal residence on or after January 1, 2016 on your 2017 personal income tax return. If this applies to your situation we can discuss more into details what this means for you.
Did you know the CPP will increase from 4.95% to 5.95% in a few years? Are you and your business prepared to see payroll expenses increase? We can advice you how to prepare for the 20% CPP increase!
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