Health Spending Account CRA | Olympia Benefits Blog (2)

How Does a Prescribed Annuity Work?

Regular annuities are a safe way to guarantee a stream of monthly income. You hand over a large amount of cash (typically $100,000 or more) and in return get a modest monthly payment. Most annuities are purchased with registered funds, such as in your RRSP or TFSA. However, a prescribed annuity...

September 21, 2021

What is the Cost of Wisdom Teeth Removal in Canada?

Wisdom teeth removal is a common practice in North America. But contrary to popular belief, you don’t always have to get them removed when they are growing in. The primary...

What is a Spousal RRSP and How Does It Work?

Spousal RRSPs permit couples to balance their savings contributions, allowing them to pay to less tax when they withdraw money upon retirement. So, if you are married or have...

The Pros and Cons of Whole Life Insurance

A whole life insurance policy provides a cash payout to your loved ones in the event that you die. While no one likes to contemplate their own demise, it’s important to...

A Basic Guide to Independent Contractor Taxes in Canada

Being an independent contractor can have significant tax benefits in Canada. In many cases, you can deduct home office costs, mileage to travel to your client’s place of...

What is Estate Tax and Inheritance Tax in Canada?

The good news is that there is no estate or inheritance tax in Canada. The bad news is that taxes on income and capital gains must be paid when someone dies.

What is an investment loan and how does it work?

When a person borrows money to invest in stocks or real estate, this is called an investment loan in Canada. In many cases, the interest payments are tax deductible. However,...

What is mortgage default insurance and how much does it cost?

The government of Canada requires you to have mortgage loan insurance if you are purchasing a home with a down payment of less than 20 percent of the total cost. This should...

DPSP vs RRSP - Which is right for you?

Many Canadian employers have set up group RRSPs for their employees. The Deferred Profit Sharing Plan (DPSP) is a less well-known retirement savings plan that can be a good...

What are tax write offs and what qualifies?

If you own a small business in Canada, you can claim – or “write off” – certain expenses provided that they contributed to your ability to earn an income.

TFSA vs RRSP: Which is better for you and why?

The TFSA and RRSP are both great investment vehicles. In this article, we’ll explain the difference between TFSA and RRSP and discuss which may be the better option depending...