Trust No Accountant

Sanjeey Khatter, like many Canadians today, was in the dark as to how to file his taxes. Therefore he took on a tax preparer to assist him with his financial needs. What occurred after was an unfortunate mixture of poor judgment and severe carelessness.

How to defer capital gains tax with section 85 rollover

If section 85 didn’t exist what would happen? Without the rollover, a sole proprietor would sell their assets to a corporation for current market value instead of initial purchase price. This would result in the proprietor paying taxes on the assets difference in value. The sole proprietor is only trying to transferhis or her own … Continue reading How to defer capital gains tax with section 85 rollover

How to Prepare Final Return of A Deceased Person in Canada

INTRODUCTION This article provides an in-depth review of PREPARING THE FINAL RETURN OF A DECEASED PERSON in Canada, including taxation of: Dividends & interest Employment income Old Age Security Canada or Quebec Pension Benefits Pension Income Splitting Employment Insurance Investment Income Rental Income Death Benefit RPP, RRSP, RRIF Tax Deductions When an individual passes away, … Continue reading How to Prepare Final Return of A Deceased Person in Canada

Tax Guide for the Legal Representative of a Deceased Family Member

The death of a loved one is often a trying time for family and friends. This could make filing a final tax return for the deceased a daunting, emotional and often even frustrating task for family and friends still coping with the tragic loss. With that being said, this article is meant to ease this … Continue reading Tax Guide for the Legal Representative of a Deceased Family Member

Moving Expense Tax Deductions

There are various deductions that are available for an individual who is preparing a tax return. Today, we will talk about moving expense, who are eligible for it, and the amounts that should be claimed for these deductions when you file your tax return. Conditions on eligibility Primarily, you must be a deemed or factual … Continue reading Moving Expense Tax Deductions

How Are Uber Drivers Taxed in Canada

If you live in a major metropolitan area, you have probably heard the term ‘uber’ slowly drifting into everyday conversation. Instead of people saying “let’s grab a taxi”, people are saying “let’s grab an uber” instead. If you have never heard of uber, it is essentially a ride sharing program that is operated from the … Continue reading How Are Uber Drivers Taxed in Canada

Taxes for Athletes in Canada

Have you ever wondered just how much your favourite athlete pays in taxes? There is a common misconception that most professional athletes are overpaid millionaires, but that is not necessarily the case. Yes, there are super stars in the sports world that make prolific earnings but it essentially comes down to the sport they play, … Continue reading Taxes for Athletes in Canada

2015 Canadian Federal Budget – Tax Cuts and Reliefs

Tabled on the 21st of April, the 2015 Canadian Federal Budget while premised on fiscal austerity, looks to expand on existing benefits and tax reliefs for individuals, families, seniors and small business owners. Let’s take a look at how this impacts the varying demographic groups and what this may potentially mean for you.

2015 Canadian Personal Tax Filing Deadline Extended

Struggling with finishing your income tax return? Rushing towards the April 30th cut-off? Well Canadians, there has been a human error – or some may see it as a human hero – which has extended the personal tax return filing deadline.

Do you or someone you love live on a modest income? Find out how filing your taxes can help!

Do you or someone you love live on a modest income? Find out how filing taxes can help! In todays’ world, paying for everyday essentials like heating bills and property taxes can add up quickly – especially for those with modest incomes. that’s why it’s so important to file a tax return each year. By … Continue reading Do you or someone you love live on a modest income? Find out how filing your taxes can help!

Benefits of a Health Spending Account

Dental cleanings, prescription drugs, glasses, cavities, massage therapy, antibiotics, contacts….the list goes on and on. Your family spends thousands of dollars a year on medical costs that aren’t covered through OHIP (or your provincial plan). How do you pay for them? Introducing Health Spending Accounts – the smarter way to pay for your health care! … Continue reading Benefits of a Health Spending Account

Tax Breaks for Families in 2015

The new measures consists of three components which are forms of income-splitting, raise in monthly child bonus payments and an increase of the tax deduction parents can claim for their child care and children’s fitness expenses.The details of the measures are provided as follows: 1. Family Tax Cut – Income Splitting The new Family Tax … Continue reading Tax Breaks for Families in 2015

How to Use Video Marketing for your Business

In this video, Allan Madan shares his experience on how to use informational base videos to market your business. Madan Chartered Accountant has over 100 informational based videos on various tax and accounting topics. These videos have generated over 200,000 views and have increased Madan Chartered Accountant’s online exposure. Marketing today has gradually shifted onto … Continue reading How to Use Video Marketing for your Business

New 2014 Tax Developments & Updates for Canadians

Madan Chartered Accountant conducted our first webinar on September 26, 2014. This webinar provided informational content on new tax developments and changes for 2014. The aim is to provide our clients with up to date information so that they can get ready for the year-end and for the upcoming tax season. Please download your copy … Continue reading New 2014 Tax Developments & Updates for Canadians

Review your Health and Life Insurance with your Accountant

When you’re buying real estate, you’ve got your own agent and own lawyer. They’ve got their own agent and own lawyer too. Each side has specialists working for them.  When you’re buying life or health insurance, you face a huge imbalance. The advisor is working for the insurer, not you. You can tell because you … Continue reading Review your Health and Life Insurance with your Accountant

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