Personal tax Archives

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

Tax Tips for Personal Returns in 2011 Video

This short article reveals 5 ways to save tax on my 2011 personal tax return.

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!

New Personal Tax Credits & Deductions 2011

Hi, my name in Allan Madan; I’m a chartered accountant and tax expert in the Toronto, Mississauga and Oakville areas of Ontario, Canada. This article will take you through all you need to know about 2011 New Personal Tax Credits and Deductions Canada.

New Tax Credits & Deductions in 2011 Video

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

2010 Personal Tax Deductions Canada Watch Video

What can you deduct on your personal tax return for the 2010 taxation year?

Tag: Personal tax