Personal Tax Archives

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

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.

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

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 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

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

Category: Personal Tax