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You’ll find lots of good info to help you prepare. Here’s a table of contents for the guide’s topics, plus in-depth coverage for many of them.
2022 Income Tax Guide Table of Contents
Tax-related dates to know
Tax claims for Canadians and changes for 2022 income taxes
Prepping your taxes
RRSP contribution room
TFSA contribution room
How GICs are taxed
Tax tips for Canadians
How to get started on your tax return
Complicated tax situations and more
More reading for 2022 taxes
When are T4s due, tax deadline for 2022 and other important dates
April 30th may be burned into your brain as the date when taxes are due, but this year that is not the case—it falls on a Sunday in 2023…
What happens to your debt when you die
I carry a lot of credit card debt and haven’t made a dent in my mortgage. I’m in my 60s, and I’m starting to think about next steps for my family. After I die, will my family inherit my debt?—Terry
Thanks for your question, Terry. You’re definitely not alone in worrying about how your loved ones will be affected if you die with outstanding loans or while carrying a balance on your credit card.
We’ll walk through exactly what happens to your debts when you die, including credit card debt, mortgages and co-borrowed debt. Then we’ll explore ways to mitigate the burden these debts might have on you and your family.
Who’s responsible for debt after death?
Is debt passed on to family members like real estate or heirlooms? The answer depends on a few factors, like the amount of debt you have, who’s listed on the accounts, and your insurance coverage.
After death, debts generally fall to the estate. If you have a will, your executor will create an inventory of your assets (cash, investments, real estate, etc…
TFSA contribution room calculator
Tax-free savings account is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds (ETFs), guaranteed investment certificates (GICs), bonds, stocks and, yes, plain old cash. While you do have to abide by the set amount of contribution room each year, any growth you earn on those investments will not affect your contribution room for the current year or years to come. Plus, the income earned is tax-free (more on that below). Any resident of Canada who is 18 or older and has a valid social insurance number can open a TFSA.
Is a TFSA really tax-free?
TFSA contributions won’t reduce your taxable income and generate a tax refund, unlike registered retirement savings plan (RRSP) contributions. (If you haven’t maxed out your RRSP, get on that before the deadline)…