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Saving & retirement 2 min
The RRSP deposit still needs its HBP designation
Use your HBP statement to identify the required repayment and designate eligible contributions correctly on the return.
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Filing & corrections 2 min
Changing the bank account CRA pays into
Use your CRA account or a participating financial institution, verify the bank details and keep the old account open through the first successful payment.
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Homes & rentals 2 min
The whole house bill is not always a rental expense
Separate direct rental costs, shared costs and personal use with a method supported by floor area and dates.
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New to Canada 2 min
Foreign income before and after becoming resident
Separate resident-period world income, non-resident-period Canadian income and information requested for credits or benefits.
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Saving & retirement 2 min
The RRIF minimum is a withdrawal rule, not a tax exemption
Check the opening value, age basis and payment schedule, then plan tax separately from the required withdrawal.
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Saving & retirement 2 min
A better TFSA rate does not require a trip through chequing
Ask for a direct TFSA transfer when changing institutions so a withdrawal and redeposit do not accidentally use contribution room.
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