Employee or Self-Employed?

It is important to determine whether a worker is an employee or a self-employed individual.  This can impact on how a worker is treated under different legislation, such as the Income Tax Act, the Canada Pension Plan (CPP) Employment Insurance (EI), etc.  Basically, the Canada Revenue Agency (CRA) will consider any individual an employee if they provide a paid service, regardless of whether he/she is working full-time, part-time, or seasonally. 

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Financial Planning Considerations for Your 18-Year-Old Child

Your child is now eighteen and getting ready to go to university in another city or move into a place of their own.  Eighteen is the magical age where they become adults under our legal system.   They are now legally allowed to vote, can sign contracts, and can also be held accountable for their actions in a court of law.  Technically, you, as a parent, cannot legally sign for them any more.

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Automobiles - Company/Employer vs. Individual

Using a company/employer-owned vehicle for an employee's personal use can be beneficial and a great incentive; however, the accounting can be burdensome, and the employee may be taxed on the personal benefits.  Employers must include this taxable benefit on the employee's T4 slip, and ensure that proper source deductions are remitted.

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Quick Tax Facts

RRSP accounts creditor-protected in bankruptcies
Effective July 7, 2008, RRSP accounts will be creditor-protected in bankruptcies.  However, any amounts contributed in the twelve months preceding the bankruptcy will not be protected.  With this new provision, you have more financial flexibility for RRSP planning.  You are not forced to use insurance segregated RRSP accounts if you want to protect your RRSP investments.

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