Real Estate

Mortgage Your Own Property – A Different Kind of RRSP Investment

Mortgage Your Own Property – A Different Kind of RRSP Investment

Have you ever considered the possibility of lending yourself money in the form of a mortgage through your RRSP on a property you own?

What if you had enough money invested in your Registered Retirement Savings Plan (RRSP) to cover the remaining cost? Legally, an RRSP cannot own a piece of real estate, but it can lend money, in the form of a mortgage, for a piece of property. Many people are not aware of this option.

Personal Services Business – Avoid the Trap

Personal Services Business – Avoid the Trap

The last thing you want when you incorporate your business is for the Canada Revenue Agency (CRA) to label you a personal services business (PSB).

If CRA determines an incorporated individual working as a contractor is just an employee of the company they are working for, they would be deemed a PSB.

There are many advantages to incorporating, and despite the possible pitfalls, it may be beneficial for you to do so. But, it’s complicated and can be confusing. Talk to a tax specialist before you decide.

Employees and the Cost of Owning a Small Business

Employees and the Cost of Owning a Small Business

When the Department of Finance announced earlier this year that it was planning to end “income sprinkling,” GGFL was at the vanguard of local protest. It’s not news to anyone that the protests have grown and the issue has since become a major thorn in the federal government’s side. Along with the nation’s accountancy community and, collectively, our millions of clients, we anxiously await what we expect and hope will be significant changes to the proposed legislation.