Personal service business

Personal Service Business Rules and Tax Consequences

Canada Revenue Agency (CRA) defines that personal service business (PSB) is a business which provides services to another entity that an officer or employee of that entity would usually perform. Instead, the individual is performing the job through a corporation, …

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RRSP Excess Contribution

How to Deal with RRSP Excess Contribution

RRSP excess contribution generally occurs when the amount of a taxpayer’s undeducted contributions exceeded his/her deduction limit by more than $2,000. Such excess contribution is taxed @ 1% per month on the unused contribution. To be specific, the excess contribution …

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