Sage Simply Accounting says it’s time for a new name. ¬†Effective October 2012, Simply ¬†Accounting in Canada will be known as Sage 50. ¬†If you want to know why the name change, it’s something about positioning themselves as a stronger brand in a global marketplace, so that they can provide superior customer experiences…….. as far as I can understand it.

The good news is, your older Simply Accounting software will still work fine. ¬†And for now, they aren’t changing their pricing. ¬†Actually, for now nothing is really changing, except the name.

As you may have guessed, you can work your way up the accounting software chain, and purchase Sage 100, Sage 300 and even Sage 500. ¬†I’m going to have to start remembering to say Sage 50 instead of Simply Accounting…….. unless I’m talking to one of my clients who still uses an older version of Simply Accounting. ¬†Since I have clients that still prefer to use some really old versions of Simply, I can see that being a bit confusing for the next few years!

You can read more about how Sage Simply Accounting plans to provide you with a superior customer experience by going here:


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August 17th, 2012

One common tax question I get is this: should I put money into a Tax Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP)? ¬†There is of course no easy answer, and I won’t even pretend to answer that question in a blog post. ¬†It’s best answered on an individual basis.

There are some things you just can’t make a TFSA do that an RRSP does quite nicely, and there are some problems that an RRSP can create that a TFSA will never do to you. ¬†So the best place to start is to learn the differences between the two plans. ¬†If you want some basic advice, start off here:

I’m going to say one more thing: ¬†if you think you may someday qualify for what is called the Guaranteed Income Supplement (GIS) from Old Age Security, consider investing through the TFSA. ¬†Why? ¬†Because withdrawals from your TFSA account won’t affect your Supplement. ¬†You have no idea how many seniors say to me: ¬†“I would never have invested any money in an RRSP if I’d known how it would affect my Supplement

Now, the government of Canada really,¬†really doesn’t want you to plan your retirement around the Supplement – after all, the Supplement is there to protect the lower income seniors. ¬†But if you think the Supplement is in your future, consider avoiding the RRSP and go with the TFSA.

Qualifying for even a small Supplement brings with it a whole raft of other goodies (lower cost Senior’s PharmaCare, municipal property tax rebates, provincial heating rebates in Nova Scotia, etc.) ¬†So while the government of Canada doesn’t want you to build your retirement fund around the Supplement, you might be tempted to do so anyway.

Filed under: Personal Tax by David Boese No Comments »