Personal Tax Archives

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

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

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

How to Minimize Taxes on Your Salary and Wages

What if you are told that you can save money in taxes even if you are a salaried individual? Sounds good? Go through this guide about how to minimize taxes on your salary and wages to benefit.

Income Splitting

The Top Tax strategies for medical practitioners (doctors, physicians, chiropractors, dentists, pharmacists) are revealed in this article. The common theme is that of income splitting – distributing income to family members that otherwise would have been taxed in the hands of the same individual. Hire your spouse/child As an owner, you can hire your spouse … Continue reading

Tax Strategies for Newlyweds

This short article is called tax tips for newlyweds. If you recently got married and have a hangover from the bill, this article is certainly for you.

Is it better to take a Salary or Dividend?

Whether to take a salary or dividend from the corporation is a complicated decision that a small business owner usually has to make. This article indicates advantages of both alternatives so you can decide which option is beneficial for you! Advantages of taking Salary Increase your RRSP contribution limit By taking a salary from your … Continue reading

What are the Tax Deductions for 2012 in Canada?

This article talks about 2012 tax deductions for individuals. I am going to review the five most missed tax deductions. So, let’s get started.

Tax Implications for US Citizens working in Canada

US citizens working in Canada have to file a Canadian tax return and pay Canadian tax. If you are a US Citizen working in Canada as an employee, you should be aware of what tax obligations are applicable to you or you could end up facing large penalties. Here are the tax-related responsibilities that you … Continue reading

How to Increase Your Personal Tax Return Savings

Do you want to know how to increase your personal return tax savings? This article discusses how to save taxes on your 2012 Canadian personal tax return. I am now going to take you through the top 5 ways to save taxes on your 2012 T1, so let’s get started.

Smart Tax Strategies for Investors

This article & video will take you through some smart tax strategies for investors, so let’s dive right in.

Issues with RRSP contributions not fully deducted.

If you are wondering how come my RRSP contribution isn’t fully deducted? You have come to the right place. This article will show why the RRSP contribution is not being fully deducted on your personal tax return, and will also guide you to other personal tax tips which can help you save a fair amount … Continue reading

5 Most Common Personal Tax Mistakes to Avoid

Hi, my name in Allan Madan; I’m a chartered accountant and tax expert in the Mississauga, Toronto, and Oakville regions of Ontario, Canada. This article talks about the 5 most common personal tax mistakes to avoid.

5 Ways to Save Tax on Your 2011 Return

This short article reveals 5 ways to save tax on my 2011 personal tax return. It’s a ‘must-read’ for anyone who wants to reduce their tax bill!

Category: Personal Tax