GTA Wealth Finanical News

Informative financial and tax related articles from GTA Wealth Management Inc.

Business hiring a worker? Independent Contractor or an Employee?

When hiring a worker, is it very important to distinguish whether that worker is an employee of your business or a self-employed individual (contractor). This employment status can affect the individual’s entitlement to receive employment insurance (EI) and it can also have an impact on your business’s obligations to that individual and the government.

The 2015 Canadian Federal Budget

Joe Oliver and the government have prepared the 2015 Budget, and a number of proposals will impact the financial, tax and estate plans of Canadians. The following is a summary of a few of the proposals:

US Canada Tax: What All Canadian Snowbirds Need to Know

There is currently an agreement in the works between Canada and the US to share information on who is travelling between the two countries. In due time, the US government will have the ability to know how long Canadian snowbirds are staying in the US and whether they have overstayed their welcome.

Tax Free Savings Accounts (TFSA)

Having a Tax Free Savings Accounts (TFSA) account is an excellent way to save and invest your money while protecting it from taxation. However, there are a number of rules pertaining to TFSA’s that everyone should about if you are looking to maximize the benefits you can get.