Tax on RRSP Withdrawals: The Withholding Rates, and Why They Are Not the Whole Bill
Take money out of an RRSP and your institution withholds 10%, 20% or 30% depending on how much you take. That is a deposit against your tax bill, not the bill itself, and the gap between the two is where the unpleasant surprise lives. The short answerWithholding is...
Is There an Inheritance Tax in Canada? What Actually Gets Taxed
Canada has no inheritance tax and no estate tax. If you inherit money or property, you do not report it as income and you pay no tax on receiving it. What confuses almost everyone is that tax is still often paid, just by somebody else and for a different reason. The...
Filing Taxes Late in Canada: The Penalties, and the One Route That Caps Them
Most guides to filing late explain the late-filing penalty and stop there. That penalty is real, and it is also the smallest charge on the list. The expensive ones apply when a pattern builds up across several years, and there is exactly one route that closes them...
Behind on Payroll Remittances: What the CRA Charges and What to Do
Late payroll remittances are the arrears that catch owner-managed businesses hardest, and it is rarely because the business is failing. It is usually a cash-timing problem that got repeated. The penalty structure is what turns a timing problem into a serious one. Key...