Personal tax Archives

What to do when you receive a CRA Notice of Assessment

MadanCPA explains the steps to take when you receive a Notice of Assessment from the CRA

Navigating Capital Gains Tax Changes in 2024

Starting June 25, 2024, the Government of Canada has increased the capital gains inclusion rate as part of the 2024 Budget. This is a major change to the tax law, the effect of which is that there is a higher capital gains tax on the sale of property, assets, and shares. While the government claims … Continue reading

Preparing A T5 Tax Slip

If you’re a business owner in Canada responsible for paying dividends or other forms of investment income, understanding how to prepare a T5 tax slip is essential. The T5 is a critical document that must be filed with the Canada Revenue Agency (CRA) to report these payments.

Understanding Car Allowances

For business owners and employees who use their personal vehicles for business purposes, a car allowance is a valuable benefit outlined by the Canada Revenue Agency (CRA) that should be taken advantage of. This allowance serves as the business’s method of reimbursing individuals for the business use of their personal vehicles. Understanding how to properly … Continue reading

Steps to Take After a CRA Notice of Assessment

Receiving a Notice of Assessment (NOA) from the Canada Revenue Agency (CRA) can be unsettling, but it’s important not to panic and to take the right steps to rectify the situation. In this blog, we’ll go over the steps to take if the CRA has indicated a discrepancy between your return and their assessment. What … Continue reading

Personal Tax Tips from an Oakville Accountants

Are you looking for ways to save taxes in Canada? As providers of services regarding income tax preparation Oakville, we are aware of many ways in which one can save taxes in Canada.

Common pitfalls in personal tax filing to avoid.

With the upcoming personal tax filing season just around the corner, it is essential that you avoid these five pitfalls while doing your personal taxes.

Principal residence exemption and property flipping.

In today’s video, I will explain how you can take advantage of the principal residence exemption when you sell your property and the new anti-flipping rule recently introduced by the CRA. Principal Residence Exemption Explained An individual does not have to pay capital gains tax on the sale of a principal residence, because of the … Continue reading

How is Crypto Taxed in Canada?

In today’s video, I will help you understand how Crypto-assets, like Bitcoin, are taxed in Canada.

Strategies to save Canadian tax as a new immigrant discussed

It’s that time of year again for filing your Canadian Personal Tax Return. As you know, the due date for filing your 2014 tax return is April 30, 2015.

Applying for the Canada Emergency Response Benefit.

This video is about the Canada Emergency Response Benefit. I hope that you and your family are safe

Foreign Tax Credits for Canadians

This webinar will provide you with an insight into what you need to know about foreign tax credits for Canadians.

Moving back to Canada: Tips for a smooth move for Canadian Expatriates

Author: Paul Kurucz Returning to Canada after you have lived in the U.S. or further abroad can be both exciting…and overwhelming. Exciting because Canada is a great place to live, work, and retire in, and overwhelming, too, because the move itself, with all the steps needing to be taken, can feel like a mountain to climb. … Continue reading

5 Tips on How to Save Income Tax in Canada

Are you a Canadian looking for strategic ways to save money on your income tax? Keep reading to find out five effective tips that you should be utilizing right now. Maximize RRSPs Make a contribution each year to your RRSP (Registered Retirement Savings Plan) to the maximum amount allowed (i.e. RRSP limit) for the year. … Continue reading

Taxation of Stock Options for Employees in Canada Watch Video

Did you receive stock options from your Canadian employer?

Tag: Personal tax