Personal tax Archives

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

Taxation — The Deciding Factor

TAXATION A six-figure earned income may not have as much spending power as expected after taxes. Wages, salaries and all other forms of earned income have increased dramatically for those with the required skills who are willing to move to the parts of the country where such skills are in demand. Indeed, it is not … Continue reading

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

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

Saving Tax on Life Insurance Premiums

Tax Treatment of Life Insurance Premiums Normally, life insurance premiums are not deductible by individuals or corporations for tax purposes. However, there are a few exceptions which are discussed below. Life Insurance Policy Used as Collateral for Loan Life insurance premiums (or a portion of it) may be tax deductible if the policy is required … Continue reading

Life Insurance for TAX Savings

This article discusses details on how you will be able to use investments in life insurance to secure higher returns on investment (ROI), and potentially reduce tax. To harness the power of maximizing ROI and tax savings, it is important to understand exactly how life insurance and taxation of those life insurance policies work. The … Continue reading

Setting up an Immigration Trust for New Canadians

Canadian residents for tax purposes are subject to Canadian tax on income earned on worldwide assets. As such, immigrants of Canada must consider the tax consequences of their relocation. The CRA has many opportunities for new immigrants that will help with their tax burdens. One of the more important plans that the CRA provides is … Continue reading

Are Gifts Given to Family Members Taxable to Them? Watch Video

Taxation on gifts to family members can be tricky. Usually the recipient

How Can I Lower My Tax Bill by Income Splitting with My Spouse? Watch Video

So you want to know how can I lower my tax bill by income splitting with my spouse?

What Tax-Free Benefits Can I Get from My Workplace? Watch Video

What tax-free benefits can I get from my workplace? Employees can receive benefits from their workplace

Am I Eligible to Deduct Home-Office Expenses? Watch Video

So you are probably asking yourself can I deduct home-office expenses?

How to Prevent Paying Car Tax Watch Video

If you use a vehicle for work and would like to avoid paying tax on it.

What are employee expenses?

Are you an employee looking to save on taxes? Did you know there are deductions that might be available to you? As far as deductions go, you have probably about small businesses and corporations. A business owner or corporation can deduct any reasonable expense incurred in the when earning income. Unfortunately, there is not as … Continue reading

Advanced Income Tax Rulings and Technical Interpretations

Are you entering a business deal, but are unsure of any tax effects it may trigger? If you are, you should consider both the cost and benefit of requesting an income tax ruling and an interpretation. In this article, I will provide you with further information on this complex topic so you can make an … Continue reading

How to Reduce Your Risk of Being Tax Audited Watch Video

Do you want to learn how to reduce the risk of being tax audited?

Tag: Personal tax