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

What Do You Know About Canadian Tax Shelters?

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!

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.

What are the Most Common Taxable Benefits for Employees?

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.

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!

What are the Top 5 Myths of the Family Tax Cut?

Are you confused about the family tax cut? Do you want to know the facts and myths? Read this blog to find out how the family tax cut can benefit you in this tax season

How Is Investment Income Taxed?

Keep reading to learn about how investment income is taxed to you personally, and the tax deductions that you can claim to reduce the taxable amount of investment income.

Foreign Income Verification Form (Form T1135)

  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)

5 Pitfalls to Avoid While Doing Your Personal Taxes

With the upcoming personal tax filing season just around the corner, it is essential that you avoid these five pitfalls while doing your personal taxes.

What Work Related Costs Can I Claim as an Employee?

Being an employee has certain tax benefits. In fact, you can claim certain costs of going to work against your taxes. This will reduce your tax bill.

Income Tax Fraud

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

How to Minimize Taxes on Severance Payments

If you leave your job and you receive a severance payment, it is important to do tax planning, otherwise, you risk losing a big chunk of your severance package to the tax man.

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

New Tax Credits for the Year 2014

It’s that time of year again for filing your Canadian Personal Tax Return. As you know, the due date for filing your 2014 tax return is April 30, 2015.

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