Category: Personal Tax

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.

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.

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

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

Tax implications for Canadians traveling to the U.S.

Are you a Canadian snowbird? Make sure you understand the tax implications for Canadians traveling to the U.S.

Tax implications of selling or gifting a family cottage

Before being overly generous, consider the tax implications of selling or gifting your cottage to family.

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

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 Saving Tax on Life Insurance Premiums

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 Life Insurance for TAX Savings

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 Setting up an Immigration Trust for New Canadians

Taxability of gifts to family members clarified.

Taxation on gifts to family members can be tricky. Usually the recipient does not have to pay taxes but the person who gives the gift might face personal taxes. There are a couple of tips that you can take to minimize or avoid taxes such as not giving gifts that can increase in value.

Lower Your Tax Bill: Income Splitting with Your Spouse

So you want to know how can I lower my tax bill by income splitting with my spouse? Income splitting with a spouse is a very effective technique to reduce overall household tax liability. Some options within this technique involves letting the higher income spouse pay for all the house hold bills which frees the lower … Continue reading Lower Your Tax Bill: Income Splitting with Your Spouse

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