Category: Personal Tax

Tax Secrets of the Rich

The rich utilized a number of different tax strategies and secrets to maximize their wealth. This includes stock options, golden parachutes, capital gains, and equity swaps. Consider using some of these for your own personal gains.

What are Bitcoins?

Bitcoins is a virtual form of currency used in a barter system of exchange. Its increasing popularity online has complicated tax issues in many countries. In Canada, bitcoins will be taxable, while the in the United States, the IRS has yet to address this issue.

End of the Year Tax Tips for 2013

The end of the year provides an optimal time to use a tax savings approach. This strategy involves deferring expected income, offsetting capital gains while maximizing tax benefits, donating shares and pay non-eligible dividends.

Individual Tax Credits That You Can Claim in 2014

For Canadians in 2014, there will be some changes to three existing tax credits. This includes the lifetime capital gains exemption, the adoption expense tax credit and the hiring credit for small businesses. This also includes the introduction of the first time donor’s super credit.

Tax Planning For Retired Canadians

It is essential for seniors to adopt a plan regarding taxes when planning for retirement. This plan should include using the pension income tax credit, claiming the age amount tax credit, splitting retirement pension income with a spouse, and using the registered retirement income fund.

Tax Tips for Retirement in Canada

Planning for retirement is crucial in order to ensure you can have the retirement lifestyle you envision. One important aspect to keep in mind during this planning is the associated tax benefits and implications. The following are some techniques of reaping tax benefits when saving for retirement in Canada.  1)  Contribute to RRSP The first … Continue reading Tax Tips for Retirement in Canada

Canada Revenue Agency Reviews

The Canada Revenue Agency reviews and checks your personal tax returns routinely, as part of the processing process. The CRA calls it the pre-assessment or processing review. This article will describe the reasons why the reviews are done, what the routine review inquiries are, and what you can do to satisfy the requirements and appease … Continue reading Canada Revenue Agency Reviews

Best Income Splitting Strategy – Prescribed Rate Loan

Are you in a higher tax bracket than your spouse and tired of paying way too much in taxes to the government? If yes, then use the best income splitting strategy – the Prescribed Rate Loan. Income Splitting The best income splitting strategies are able to effectively transfer income from the higher income spouse to … Continue reading Best Income Splitting Strategy – Prescribed Rate Loan

Secret Tax Credits for Canadians

There are hidden and secret tax credits for Canadians that can reduce your tax bill significantly. This short video and article reveals the top secret tax credits that the government doesn’t want you to find out about. Continue reading to find out more.

Voluntary Disclosure Program for Canadian Taxpayers

Do you have unreported income? The Voluntary Disclosure Program may be able help you avoid CRA penalty charges. Keep reading to find out how… Voluntary Disclosure Program Due to Canada’s independent tax filing system, taxpayers must have a good understanding of their tax filing responsibilities. The Canada Revenue Agency’s (CRA’s) tax filing requirements vary depending … Continue reading Voluntary Disclosure Program for Canadian Taxpayers

What to Know About Income Tax Preparation in Toronto

Most Canadians around this time of the year are stressing about their taxes. If you do not possess an extensive tax background then calculating your personal taxes can be frightening. After reading this article you will discover the best approach to income tax preparation in Toronto. Background All Canadians not just Torontonians must file income … Continue reading What to Know About Income Tax Preparation in Toronto

How to Complete Form T2125 for a Sole Proprietor

With tax season rapidly approaching everyone wants to know the most efficient way to complete their taxes. While getting taxes done quickly is beneficial to most, you could miss out on important savings that may be available. Through this quick tax tutorial designed for business owners, one can expect to learn which form to complete … Continue reading How to Complete Form T2125 for a Sole Proprietor

What tax refunds and benefits am I eligible for?

Understanding Your Benefits and What Tax Refunds You Are Eligible For: The Simple Guide to Improving Your Economic Well-being Benjamin Franklin once said “In this world nothing can be said to be certain, except death and taxes”. His point remains as relevant today as it was in the 18th century, everybody hates taxes (except the … Continue reading What tax refunds and benefits am I eligible for?

Tips for Saving Taxes in Canada

Have you ever asked yourself, “How can I reduce my income taxes?” Chances are you have, especially close to April 30th, the due date for personal tax returns in Canada. This article explains how to reduce income taxes, by applying the 10 best tax tips for individuals:

Should I setup a Family Trust in Canada?

Canadian business owners, setup a Family Trust in Canada to save taxes. This article will cover how a Family Trust in Canada can result in substantial tax savings for Canadian business owners who are incorporated. What is a family trust? A family trust can be described as the relationship that exists between 3 parties: The … Continue reading Should I setup a Family Trust in Canada?

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