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

Minimizing Capital Gains Tax

A lot of people pay way more tax more than they need to on net capital gains. Most people do not realize there are a few ways to reduce and sometimes eliminate capital gains altogether. In this article I will talk about a few different, but simple ways you can reduce your capital gains tax … 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.

How to Minimize Taxes on Your Salary and Wages Watch Video

What if you are told that you can save money in taxes even if you are a salaried individual? Sounds good?

I purchased a computer for employment purposes. As an employee, can I deduct this as employment expense?

In order to claim employment expenses incurred to earn employment income, you need to request a signed T2200 from your employer. However, the CRA has specifically mentioned that if you buy a computer or other capital assets, you cannot deduct this cost. Further, you cannot capitalize and depreciate (claim CCA) on capital purchases.

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

Am I required to pay tax on the Canada Child Tax Benefit received?

The Canada Child Tax benefit, which is provided in order to support those eligible with expenses of rearing children below the age of eighteen, is non-taxable. This means no tax is required to be paid on receipt of this benefit.

Who is eligible to receive the Canada Child Tax Benefit?

According to the CRA, in order for an individual to be qualified to receive the Canada Child Tax Benefit, all the criteria listed below must be met: Child has to be below eighteen years of age; Individual has to reside with the child , be the primary caretaker of the child, and be a Canadian … Continue reading

Can I claim the spousal/common-law partner amount?

You can only claim it if you were supporting your partner during the year and if the partner’s net income for the year is below $11,038 (2013). If you are also claiming the family caregiver amount, then the partner’s net income has to be below $13,078 (2013). If you and your partner ended your relationship … Continue reading

In the event of a divorce, which spouse gets to claim the eligible dependent credit?

You can claim this credit if you lived with your child (under 18 years of age) in a home that you owned or rented. You cannot claim this amount for a person who was only visiting you. Further, you must have supported your child and you must not have a spouse or common-law partner. For … Continue reading

Is an individual required to file a tax return in the year of their death?

Yes, an individual must report any income they earned from January 1st until the deceased date. This return is known as the “final return”. If any income is earned after the date of death, T3 Trust Income Tax and Information Return must be filed. The deadline for the final return is 30th April of the … Continue reading

I have filed my personal tax return. When can I expect a refund?

Assuming that a taxpayer has requested for his/her refund to be directly deposited to their bank account: If the return is paper filed: It will take approximately 3 – 6 weeks after the return is filed. If the return is electronically filed: It will take approximately 2 weeks after the return is filed. If the … Continue reading

Tag: Personal tax