Have you turned 65 recently? Then you may be eligible for Old Age Security (OAS). This monthly pension plan is designed to help bolster your retirement fund. Another benefit to OAS is that you don't have to pay into it in order to receive its benefits, as it is funded by tax revenues. Need help with saving for your retirement? We've got you covered. Contact us today at (702) 347-1974
About us
Our experience gives us unique insight into the operational needs of all business types, and allows us to provide a breadth of core services not seen in other firms. We learn about your business needs so that everything from accounting, to tax planning, to succession planning is optimized. AMT Solutions is licensed in AB and specializes in Accounting & Tax. We are a seasoned accounting firm specializing in all areas of small business accounting, tax services, and mortgage brokerage. Our personal tax services are applicable for sole proprietorships, partnerships, rental income, and investment income. We bring a catalog of expertise and experts with us, all ready to serve your corporate tax needs. We are dedicated to serving the needs of ex-patriots from the United States currently living in Alberta. If you’re ready to get your business up to legal standards on the accounting and tax services front, or if you’re taking the next big step into property ownership, then we’re likely a great match for you. We have professional expertise specializing in all areas of small business accounting, tax services, and mortgage brokerage services. We have both certified accountants and mortgage specialist on staff, as well as accounting technicians with specialties in Simply Accounting and Quickbooks software (meet the team). Our company has been in public accounting practice in service of entrepreneurs for more than 18 years, with an additional 25 years of accounting and mortgage experience behind us. Our goal is to learn about your business, to optimize your accounting needs and beyond with tax planning and other opportunities. AMT Solutions is accepting small business clients in all areas of accounting and business development. We look forward to meeting with you, discussing your goals, opportunities, problem areas, and building additional value to your company. We are professional but with a personal approach. Clients First – Always.
- Website
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http://www.amtsolutions.ca/
External link for AMT Solutions
- Industry
- Accounting
- Company size
- 2-10 employees
- Headquarters
- Calgary, Alberta
- Type
- Privately Held
- Founded
- 2013
- Specialties
- Accounting, Bookkeeping, Quickbooks, US Tax Services, Canadian Tax Services, and Financial Planning
Locations
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Primary
Get directions
84 Macewan Park Green NW
Calgary, Alberta T3K 4E5, CA
Employees at AMT Solutions
Updates
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There are specific rules to follow when withdrawing funds from your RESP. Keep in mind, that only the person who started the RESP can withdraw the funds to give them to the designated beneficiary. Below are the three different forms you have to choose from for RESP withdrawals. If you need any further assistance with saving for your child's post-secondary education, we're here to help. Contact us today at (702) 347-1974!
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If your child doesn't pursue higher education, you may be wondering what you can do with your RESP. Thankfully, there are at least four options you can choose from, those are: keep the RESP open, transfer the RESP, move the funds into an RRSP, or close the RESP. Not sure which one works best for you? With our knowledge and experience, we can help you make the best financial decision for you and your family. Call us today at (702) 347-1974
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There are a couple of nuances when it comes to RESP withdrawals, and we recommend setting up an appointment with us at (702) 347-1974 before doing so. As a guideline for making smart tax-efficient withdrawals, it's recommended to take out grants and grant income first, then investment income, and then contributions from yourself and other plan subscribers.
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Starting and managing a RESP has many benefits, the two biggest ones being tax-deferred growth and government grants. By definition, tax-deferred growth refers to how the investments held within the RESP account can increase without them being taxed each passing year. However, contributing to an RESP doesn't mean you will get a tax deduction, as RESP withdrawals are taxable. Depending on where you reside and your household income, The Canada Education Savings Grant (CESG) will match 20% of the first $2,500 contributed to an RESP each year.
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Typically parents will be the ones to start an RESP for their child or a family RESP for multiple kids, however, anyone can be a RESP contributor to a child's RESP. No matter if you're a grandparent, aunt, uncle, or a family friend, you can contribute money to a RESP, just be sure you work with the parent to not over-contribute, as you run the risk of the Canada Revenue Agency (CRA) imposing a tax of 1% of the excess amount per month until that money is withdrawn.
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A registered education savings plan, known commonly as an RESP, is designed to help families save money and invest in their children's post-secondary education. The money saved in RESPs can be used for a majority of education-related costs, not just for tuition. You can also use the money saved in an RESP to fund attending a trade school that is approved by the Canadian government. Other uses include residence fees, school supplies, textbooks, and tech devices - as long as the RESP withdrawal requirements are met. Have more questions? We have answers, contact us at (702) 347-1974 today!
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