Practical tax guidance, clearly explained.
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Saving & retirement 2 min
Moving an FHSA balance to an RRSP
A qualifying direct FHSA transfer can preserve tax deferral without using RRSP room; a cash withdrawal and new deposit are different.
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Jobs & employment 3 min
Guy empties his locker, then separates the amounts in his final payment
Distinguish salary and vacation pay from a retiring allowance, check pre-1996 service and separate special transfers from ordinary RRSP room.
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Homes & rentals 3 min
Before the first tenant moves in, document the change of use
Record the conversion date and property value, then review deemed-disposition rules and any available election.
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Family & everyday life 2 min
The loan paid for school. Does its interest qualify?
Use interest actually paid on a qualifying government student loan, not the full payment or a private student credit line.
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Working for yourself 2 min
The August envelope was still beside my sewing machine
Camille checks two years of tax records before deciding what her December instalment should be. A reminder is the beginning of the calculation.
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Working for yourself 2 min
Paying yourself from a sole proprietorship
A personal transfer changes the cash available, not the profit calculation. Keep owner withdrawals separate from employee payroll and business costs.
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