Caution: This section deals with a serious and, it’s no secret, not very pleasant subject. We wanted to provide you with information to complement what you’ll find on the Web sites of the Ontario Ministry of Finance and Canada Revenue Agencyregarding the preparation of your income tax returns
The harsh reality: No one can escape having to declare their income and pay their taxes. But by following certain basic rules, you can reduce the amount of income tax you pay.
- When and how to pay your taxes: There’s more than one way to pay your taxes.
- Filing your income tax returns: Electronic solutions to produce and file your income tax returns.
Investments and taxes
- Investment income and income tax: How investment income is taxed.
- RRIFs, LIFs and taxation: Strategies to reduce tax withholdings on income earned in Registered Retirement Income Funds (RRIFs) and Life Income Funds (LIFs).
- When to report interest on market-linked guaranteed investments: The time to declare interest can differ depending on product features.
- Diversifying your RRIF investments: There are several options available to you when converting your funds to an RRIF.
Taxes at retirement
- All about taxes at retirement: Information and answers to common questions about taxes at retirement.
Did you know?
If your (legal or common-law) spouse’s income will be lower than yours at retirement, it might be to your advantage to contribute to an RRSP of which your spouse is the beneficiary.