Tag: Personal tax

Death of a Taxpayer – Tax Returns for deceased in Canada

Filing tax returns for deceased in Canada In life, it is said that the only two certain things are death and taxes. While both of these may be inevitable, tax penalties due to incorrect actions are not. Have you been named someone’s legal representative, but are unsure of what to do? Let Allan Madan Chartered … Continue reading Death of a Taxpayer – Tax Returns for deceased in Canada

Pooled Registered Pension Plans (PRPPs)

TAXATION Small-business owners and the self-employed now have a new pension plan alternative. How the PRPP Works Federal Pooled Registered Pension Plan legislation came into force in 2012. It is designed to provide a retirement savings option for the self-employed and businesses that do not have an employee pension plan. It is attractive for those … Continue reading Pooled Registered Pension Plans (PRPPs)

Personal Tax Saving Advice for Mississauga Residents

Interview with Justin Goulet This is news director Justin Goulet and I am here in the studio with Allan Madan, Chartered Accountant. The tax season is upon is so he is going to give you some helpful tips to survive this season. Justin: Allan, how are you today? Allan: I am doing well Justin, and … Continue reading Personal Tax Saving Advice for Mississauga Residents

FINANCIAL PLANNING FOR CANADIANS: STARTING EARLY, STARTING SMART

WHY CANADIANS SHOULD START PLANNING THEIR FINANCES As Canadians, many of us may know the importance of preparing our finances for the future. However, it is a topic that is most dreaded. The idea of financial planning may get pushed into the back of our minds and forgotten about, only appearing around tax season. When … Continue reading FINANCIAL PLANNING FOR CANADIANS: STARTING EARLY, STARTING SMART

Tips for Filing Your Personal Tax Return in 2014 Watch Video

Are you looking for tips for filing 2014 personal tax return They include maximizing

Top 4 Celebrity Tax Cheats Watch Video

The list for celebrity tax evaders goes on and on with some owing as much as millions in unpaid taxes.

Tax Credits and Strategies for Married Couples Watch Video

There are a number of different tax credits and savings strategies

Tax Tips for Seniors

Tip 1 – Always file a tax return even if you have no income Many retired individuals that have low or zero income assume they do not have to file a return.  This is a big mistake and can lead to a loss of hundreds of dollars in benefits and credits.  These include GST/HST Credit, … Continue reading Tax Tips for Seniors

Tax Implications for Room and Board

Employers need to include room and board somewhere in the calculation of their nanny’s payroll. The Canadian Revenue Agency (CRA) states that free housing and meals provided to an employee is a taxable benefit and must be reported.  However, most employers charge up to the maximum amounts allowed by Employment Standards.  Each province’s maximums are … Continue reading Tax Implications for Room and Board

Financial Advice and Retirement Income Planning Mississauga

Nathan Parkhouse is an experienced financial advisor. After working with several financial firms, he opened his own private practice ‘Parkhouse Financial’ in 2006. He is devoted to tax efficient wealth creation and preservation and focuses on retirement income planning. Nathan is a Certified Financial Planner (CFP), Chartered Investment Manager (CIM), Financial Management Advisor (FMA), and … Continue reading Financial Advice and Retirement Income Planning Mississauga

Tax Secrets of the Rich Watch Video

The rich utilized a number of different tax strategies and secrets to maximize their wealth.

What are Bitcoins? Watch Video

Bitcoins is a virtual form of currency used in a barter system of exchange.

What rate of tax does a “Testamentary Trust” pay?

Testamentary trusts pay tax according to the progressive Canadian income tax rates applicable to individuals. In other words, a testamentary trust pays tax at individual tax rates. Note: A testamentary trust is formed automatically upon the death of an individual in Canada. In some circumstances, it can be more tax-advantageous to allow income to be … Continue reading What rate of tax does a “Testamentary Trust” pay?

Do I have to make payments on sales tax?

If on your last year’s HST return, you had a balance owing of $3,000 or more, you would have to make equal quarterly installment payments starting next fiscal year. Find below a sample installment schedule if your HST reporting period has a calendar year end. Fiscal quarters Installment due dates January 1 – March 31, … Continue reading Do I have to make payments on sales tax?

I will make instalment payments for the current year based on the estimated taxes payable. What if, during the course of the year, my net income increases dramatically (the taxes payable will increase too). What are the tax implications?

Installment payments should be made based on the expected taxes owing. If the taxes owing are larger than what you expected them to be, and you were paying installments based on the expected amount, then you will be charged with installment interest (and if the interest is more than $1,000, penalties can be charged as … Continue reading I will make instalment payments for the current year based on the estimated taxes payable. What if, during the course of the year, my net income increases dramatically (the taxes payable will increase too). What are the tax implications?
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