Dominion Accounting Services
1352 Winnipeg Street S4R 1C9 Regina, SK, Canada

TFSA's & RRSP's TFSAs and RRSPs both offer tax advantages to help you reach your savings goals. If you can afford it, a good strategy is to contribute as much as you can to both. However, if you have to chose one over the other, make sure you understand how they differ before you make your choice based on your own individual financial and tax situation. WHAT IS AN RRSP? An RRSP is intended for retirement savings and the contributions you make can be deducted from the inc...ome you report on your tax return. An RRSP lets you defer taxes an advantage if your marginal tax rate is lower in retirement. The last day you can make contributions to your RRSP is December 31 of the year you turn 71, after which it must be closed. At that time, you can either convert your RRSP to a RRIFor buy an annuity. With a TFSA, you don’t have to stop contributing or close it at a certain age. WHAT IS A TFSA? TFSA is a tax free savings account that can be used for any type of savings goal. TFSA contributions are not tax deductible and cannot be shown on tax returns. With a TFSA, you’ve already paid tax on the money you contribute an advantage if your marginal tax rate is higher when you withdraw the money. MORE - only for RRSP's you need earned income to contribute - only for RRSP's will you have tax deductible contributions - only for TFSA's will you have tax free withdrawals - only RRSP's have an age limit for contributions For further inquires or concerns, please feel free to contact.

Carbon Tax Incentive The climate action incentive (CAI) payment consists of a basic amount and a 10% supplement for residents of small and rural communities. Only one person from your family can claim CAI payment.... You can claim the CAI payment if on December 31, 2018, you were: A resident of: -Saskatchewan -Manitoba -Ontario -New Brunswick and 18 years of age or older, or If younger than 18, so long as you: had a spouse or a common-law partner, or were a parent who lived with their child. You cannot claim the CAI payment if at any time in 2018 you were any of the following: -a non-resident of Canada -confined to a prison or a similar institution for a period of at least 90 days during the year -an officer or servant of the government of another country, such as a diplomat, or you were a family member who lived with such a person or an employee of such a person -a person for whom a children's special allowance was payable. For further information or questions, or inquiring how to claim CAI please contact.