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
What do you know about tax shelters in Canada? It may be associated with tax evasion, illegal schemes, or other bad practices – however, not all tax shelters are bad news! Learn more through this week’s Tax Tip Weekly!
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.
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.
If you have a job and are concerned about paying too much in taxes then this article is for you. In this article, we will review the two most common taxable benefits that are provided by employers to employees.
To make sure your foreign income verification process goes smoothly, the foreign property that must be recorded on the T1135 includes: Funds in foreign bank accunts Shares in foreign companies, even if held in a Canadian brokerage Interests in non-resident trusts bonds or debentures issued by foreign government or foreign countries Life insurance policies … Continue reading Foreign Income Verification Form (Form T1135)
TAXATION Make sure you hire the right person or company to prepare your income tax return. According to the Canada Revenue Agency (CRA), 28 million people file income tax returns each year and of that number, 50% use tax preparers. Tax preparers can register with the CRA to use EFILE to transmit the completed return … Continue reading Income Tax Fraud
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