Typically, a Registered Retirement Income Fund (RRIF) is created on the conversion of a Registered Retirement Savings Plan (RRSP) before the end of the year in which an individual turns 71. A RRIF is beneficial as it allows an individual to accumulate tax-deferred growth. However, unlike an RRSP, there is a requirement to withdraw a […]
Canadian entrepreneurs make millions of dollars in donations to a wide range of charitable organizations each year. What many don’t realize is that giving back can have some very positive tax implications. But before we get into the details, let’s examine a few interesting facts. Did you know that according to the Canada Revenue Agency […]
A recent spate of fraudulent calls has given some entrepreneurs reason to review their over-the-phone dealings with Canada Revenue Agency (CRA). Just yesterday, for example, a KRP client received a threatening call purportedly from CRA’s tax fraud investigation division. The telephone number provided by the individual was a legitimate-looking number with an Ottawa area code. […]
Comprehensive record-keeping is a major challenge for many entrepreneurs. After all, most business owners are so busy running their organizations that taking the time to document minutiae such as travel time to client meetings becomes a burden—and a task that many inevitably neglect. But as one recent engagement with a KRP client proves, doing so […]
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