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5484 Tomken Road, Unit 19
Mississauga, ON L4W 2Z6
P: 905.629.7720
F: 905.629.1947
 
Richmond Hill Office
120 Newkirk Road, Unit 32
Richmond Hill, L4C 9S7
P: 905.629.7720
F: 905.629.1947

Monthly Archives: August 2015

  • August 31, 2015
  • 0

What To Do With Your Tax Refund

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Category : blog

By now you would have received your tax return and hopefully have saved some of it.  For your current tax refund or refunds received in future years, there are a number of ways you could optimize your long term financial well being.

  1. Maximize your RRSP refund and catch up on your limit
  2. Pay down your debt – remember to pay down higher interest rate debt first
  3. Contribute to a TFSA
  4. Purchase life insurance
  5. Purchase a disability plan
  6. Give to charity – CRA has a provision that first time donors can get extra credits for cash donations of up to $1000. Ask us for more details.
  7. Contribute to your children’s RESP
  8. Invest the money
  9. Keep the money for a rainy day
  10. Go on a vacation!

Our firm has built key contacts in the investment, insurance and banking industries to help in utilizing your savings to the optimal.  Please call our office for trusted professional advisors in these industries.

Let me know if you have any questions on Personal Service Businesses or any other accounting, tax or Canada Revenue Agency related questions. I can be reached at ajaffer@arjcpa.ca or 905-629-7720

Ali Raza Jaffer, CPA, CGA, MBA, BComm
President, AR Jaffer Professional Corporation
Chartered Professional Accountant
(T) 905-629-7720 (F) 905-629-1947

KNOWLEDGE ● VALUE ● TRUST

  • August 24, 2015
  • 0

RRSP vs. TFSA vs. Mortgage Lump Sums

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Category : blog

Where should you put your savings? It’s a common question. People are unsure if they should invest in a RRSP, TFSA or reduce their mortgage.  There are a number of factors that can help you determine which route to take, such as:

  • Income today versus income in the short term future
  • Interest rates
  • Type of investment vehicle

The main difference between RRSPs and TFSAs is that RRSPs allow for a deduction of your contribution amount from income while the investment grows on a tax deferred basis.  A TFSA allows you to grow your investment without paying taxes on the growth.   RRSPs have an annual limit of up to a maximum of $24,930 whereas TFSAs have a limit of $10,000 per year.   With low interest rates, many Canadians are taking advantage of putting lump sums on their mortgage liabilities to reduce the interest in the future, when rates will be higher.   Generally, we look at each client’s situation to determine the optimal structure to reduce their tax liabilities.

Let me know if you have any questions on Tax Planning with respect to RRSPs, TFSAs or any other accounting, tax or Canada Revenue Agency related questions.   I can be reached at ajaffer@arjcpa.ca or 905-629-7720

Ali Raza Jaffer, CPA, CGA, MBA, BComm
President, AR Jaffer Professional Corporation
Chartered Professional Accountant
(T) 905-629-7720 (F) 905-629-1947

KNOWLEDGE ● VALUE ● TRUST

  • August 21, 2015
  • 0

Tax Loss Selling

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Category : blog

With the summer coming to an end, the fall is a time when many taxpayers look at opportunities to optimize their tax position.  One of these strategies is calledTax Loss Selling.  The strategy involves triggering a loss on a non-registered investment that’s worth less than its original cost.  If an individual has capital gains that could result in taxes payable, a review of all of the investments that are losing money could be offset against these gains to reduce taxes payable.

Example: Any excess losses can be applied against losses from the past three tax years or carried forward to be used in future years.  If you have a $10,000 capital gain from 2015 and realize in December that you have accumulated a loss of $6,000 on another investment, you can sell that second investment to trigger a loss resulting in a net capital gain of $4,000.  Per the tax rules, 50% of that gain is taxable.  One of the conditions of this rule is that the same stock cannot be repurchased for at least 30 days.  The transaction must also be settled before year end.

Let me know if you have any questions on Personal Service Businesses or any other accounting, tax or Canada Revenue Agency related questions. I can be reached at ajaffer@arjcpa.ca or 905-629-7720

Ali Raza Jaffer, CPA, CGA, MBA, BComm
President, AR Jaffer Professional Corporation
Chartered Professional Accountant
(T) 905-629-7720 (F) 905-629-1947

KNOWLEDGE ● VALUE ● TRUST

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  • Syed Murad Ali - Software Architect / Database developerAli Raza is very likeable person. His Tax knowledge is second to none. Highly recommended.

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  • Blair Holder - Owner, Blair Holder Industries (Entertainment / Media Consulting); Partner - Tritone Entertainment; Writer; EntrepreneurAli Raza is a personable and detailed professional – a true asset of my business and guardian of the bottom line.

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  • Shabbir (Shab) Jaffer - Business Development Consultant/recent P&G RetireeIn Spring 2010 Ali Raza co-led the development and presentation of a Tax Planning seminar for a local community organization that we both belong to. H...

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  • Lisa Stupen - Owner, President, Quest Search Group (Specializing in Accounting & Financial Recruitment and Staffing)Ali is a highly professional and experienced finance person. After having placed Ali at LoyaltyOne, he moved up through the ranks very quickly demonst...

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  • Zohair Kassam - Account Manager at TD-Commercial BankI’ve had the pleasure of knowing Ali Raza for a few years, and have referred clients of mine to him. They have all come back to me with nothing ...

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  • Troy Hamid - Information Technology ConsultantAli Raza Jaffer is one of the finest Accountant that I have had the pleasure of knowing. I consider him to have excellent interpersonal skills and he ...

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