Category: Personal Tax

Charitable Donation Tax Credit

Are you looking to make a charitable donation? Well this tax tip might be just for you!

Minimizing taxes through tax loss selling strategies.

Do you own stocks, bonds, mutual funds, or other marketable securities? Are you looking to get a tax advantage from selling money losing investments? Tax-loss selling may just be the tax strategy that is right for you!

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 Benefits of Corporate Class Funds

Corporate class funds can be a very tax-efficient investment vehicle, particularly in Canada. Investing in these funds and holding them inside of a corporation can protect and defer you from significant tax implications.

Tax guide for legal representatives of deceased members.

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 legal representatives of deceased members.

Strategies to eliminate tax debt with CRA assistance.

Do you have outstanding tax debt obligations that you have to pay the Canada Revenue Agency? There are a few different methods in which you can eliminate this debt.

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

Understanding Canadian tax shelters and their benefits.

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.

Filing Taxes: Benefits for Those with Modest Incomes

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 Filing Taxes: Benefits for Those with Modest Incomes

Top myths about the family tax cut debunked.

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

Common taxable benefits for employees explained.

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.

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