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Filing Your T1? Don’t Miss These 2024 Tax Return Updates

tax return 2024 for Canadians

As tax season approaches, it’s essential to stay informed about the changes and updates that may impact your 2024 tax return. From federal tax brackets and RRSP contribution limits to automobile deductions and updates to capital gains inclusion rates, this article breaks down the key changes and their implications for individuals and in some cases, sole proprietors. Read More

Written by MadanCA Team on January 26, 2025 @ 11:35 pm
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Foreign Income Verification Form (Form T1135)

  To make sure your foreign income verification process goes smoothly, the foreign property that must be recorded on the T1135 includes: Funds in foreign bank accunts Shares in foreign companies, even if held in a Canadian brokerage Interests in non-resident trusts bonds or debentures issued by foreign government or foreign countries Life insurance policies … Continue reading Foreign Income Verification Form (Form T1135)

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Organize Your Finances through Wave Accounting

As a small business owner, you always have countless to-dos on your plate. Unfortunately, sometimes critical tasks like accounting end up getting neglected — leading to a mad dash come tax time. Fortunately, with new apps in the marketplace, like the free accounting and invoicing app Wave, you don’t need to devote hours to staying … Continue reading Organize Your Finances through Wave Accounting

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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.

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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.

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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

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Tax Implications of Mergers in Canada

Tax Implications of Mergers Mergers and amalgamations encompass a broad range of transactions. Their tax issues vary depending on a number of factors, including: whether the target company is public or private, whether the target is a resident or non-resident of Canada, impact of the year-end of both companies, application of capital and non-capital losses, … Continue reading Tax Implications of Mergers in Canada

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Year-End Tax Tips for 2014

Tax management is very critical, especially for small and medium-sized businesses. This article provides many year-end tax tips for 2014 that you can take advantage of to save your business more money. 1)    Withdraw funds from your corporation in a Tax-effective manner: Salary and/or Dividends Pay Salary /Bonus from the corporation: Advantages Salary/bonus constitutes as … Continue reading Year-End Tax Tips for 2014

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Tax implications of sending U.S. workers to Canada.

What are the tax implications for sending US Citizens to Work in Canada? This is a loaded question and the cross border tax implications are complex. In this blog, I will highlight the most important ones.

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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

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Taxes for Canadians selling property in the U.S. explained.

Canadians are continuing to invest in the red hot real estate market. But what they don’t realize is the amount of taxes to be paid when the US situated property is eventually sold. In this blog, I will cover the basic taxes for Canadians selling property in the US.

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