Accountant Toronto – helps increase businesses’ bottom line, profits

Is there such a thing as a Chartered Accountant - Expert Taxes?

Yes, there are Chartered Accountants in Toronto who are also Experts in Taxes.

Allan Madan – Expert in Taxes & Toronto Chartered Accountant

Allan Madan of Madan Chartered Accountant in Toronto is a Tax Expert:



•He has completed Parts 1 and 2 of the Canadian In Depth Tax Course, which is the most comprehensive tax training in Canada

•Allan has been involved in many complex, tax reorganization transactions for Canadian companies



•He has held several tax seminars, including "Taxation for Real Estate Investors" and "Tax Topics for Bookkeepers"



•He has written and published several tax articles



Allan is also a Chartered Accountant in Toronto / Mississauga



Ask Questions of your Chartered Accountant in Toronto

If you’re unsure of whether your Chartered Accountant in Toronto is a tax expert, you should ask him/her about their tax related experience including, tax education, tax articles he/she has published and years of experience in the area of taxation.



Accountant Toronto – 5 Secrets to Saving Taxes for Canadians



1. Contribute to spousal RRSP’s to equalize retirement income

2. Dispute your assessment, says Accountant Toronto

3. 100% Tax Deductible Investments – Accountant Toronto

4. Contribute to your RRSP’s before paying off your mortgage

5. Turn mortgage interest into tax deductions



TFSA vs. RRSP – Chartered Accountant Toronto Discusses Pros & Cons

TFSA



The Tax Free Savings Account (TFSA) was introduced by the Canadian government on January 2, 2009.

The tax attributes of a TFSA are as follows:

Any income or gains earned inside the TFSA are not taxable

Withdrawals from a TFSA are not taxable to you

If you withdraw an amount from a TFSA, you can contribute that amount again to the TFSA

You can contribute up to $5,000 to a TFSA per year and any unused contribution room carries forward to the next year

You do not receive a tax deduction for amounts contributed to a TFSA

RRSP

Canadians are very familiar with Registered Retirement Savings Plans (RRSP), as they have existed for a number of years now.

The tax attributes of an RRSP are as follows:

Any income or gains earned inside the RRSP are not taxable

Withdrawals from an RRSP are taxable to you

If you withdraw an amount from a TFSA, you cannot contribute that amount again to an RRSP

You can contribute up 18% of your prior year’s earned income to a maximum of $21,000 to an RRSP and any unused contribution room carries forward to the next year

You receive a tax deduction for amounts contributed to a TFSA

About the Author

Allan Madan is a Chartered Accountant and Mississauga Accountant. He is the owner of Madan Chartered Accountant, located in the Mississauga, Ontario, Canada.

Allan works with business owners to help them achieve their strategic and financial objectives, in addition to providing tax and accounting services to them. He also works with employees of companies and investors.



To more about Allan Madan, please see : Accountant Toronto