Personal tax Archives

Can I claim EI if I am self-employed?

It is very important that to point out that self-employed contractors are NOT eligible for general EI benefits. If you are unemployed, you will not receive EI. If you were fully self-employed (had no insurable earnings coming in from a job) during the year, there is a “Special EI Contribution” Program for which you are eligible. … Continue reading

What happens if I over contribute to my RRSP savings account?

An over-contribution of $2,000 to your RRSP is allowed. Anything beyond this amount is subject to at a penalty of 1% per month for the months during which the over contribution remains in your RRSP until withdrawal, or until your excess amount is rolled over into the new RRSP deduction limit for the following year. … Continue reading

What happens if you take out your US Retirement savings after moving to Canada?

Under Canada and US tax rules, funds withdrawn from an IRA or 401K are taxed as income in year of withdrawal. The amount withdrawn must be included as income on your Canadian tax return. However, you can claim a a tax deduction for the entire amount of the withdrawal, if all amounts are transferred to … Continue reading

What is shared child custody?

Child custody, if shared (for children under 18), has to be 50% for each spouse. Ontario Family law outlines that each parent cannot hold less than 40% custody, and no more than 60% custody for a child if custody is “Shared”.

How are child support payments calculated?

Both parents, if they will have shared custody, will share the costs of child support. This includes childcare, education, medical/dental, healthcare, and any other general expenses as well. The amount of Child Support is determined by each parent’s Income on the T1 (Personal Tax Return). This amount can simply be looked up on the followingFederal … Continue reading

What happens to my assets upon divorce?

All assets acquired before marriage or “gifted” at marriage for marriage need not be split as they’re considered assets belonging only to the person that holds legal entitlement. Assets acquired during marriage or by virtue of marriage must be split among spouses (50% each). Assets that are to be split are valued at FMV (Fair … Continue reading

How Come My RRSP Contribution Isn’t Fully Deducted? Watch Video

If you are wondering how come my RRSP contribution isn’t fully deducted?

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

How do I pay personal income tax balance owing to the Canada Revenue Agency (CRA)?

There are 3 options in terms of payment for a balance owing to the CRA: Set-up your account through “My Payment” and pay online OR Go to your local bank branch and pay there OR Mail a cheque with the following information: Amount of Balance Owing Name of recipient: Receiver General Mailing address: 1050 Notre Dame … Continue reading

5 Most Common Personal Tax Mistakes to Avoid Watch Video

Hi, my name in Allan Madan; I’m a chartered accountant and tax expert in the Mississauga, Toronto,

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.

Can we reduce our revenues by the dividends we paid?

No, dividends are not an expense.

As an individual, how can I minimize my overall tax burden this year?

We have completed an excellent and in depth guide called “20 tax tips to beat the tax man for 2011”. This amazing book can show you great ways to minimize your tax burden and help you maximize your tax refund. You can get it through this website here.

I paid interest on my student loans this year, can I claim these as an expense?

Yes, you can deduct the interest paid on student loans for the year off of your taxable income. You may be eligible to claim an amount for the interest paid on your loan in 2011 for post-secondary education if you received it under: the Canada Student Loans Act; the Canada Student Financial Assistance Act; or … Continue reading

What Happens To Your Child’s RESP When You Leave Canada?

You have to be a Canadian resident to receive the government grant related to RESPs. The tax-sheltered status of the RESP only applies to Canadian residents. If the subscriber or account owner is a non-resident, they might have to pay taxes on any income earned in the RESP account as well as capital gains, according … Continue reading

Tag: Personal tax