Tag: Personal tax

Common taxable benefits for employees explained.

If you have a job and are concerned about paying too much in taxes then this article is for you.  In this article, we will review the two most common taxable benefits that are provided by employers to employees.

How Is Investment Income Taxed? Watch Video

Keep reading to learn about how investment income is taxed to you personally,

How Is Investment Income Taxed?

Keep reading to learn about how investment income is taxed to you personally, and the tax deductions that you can claim to reduce the taxable amount of investment income.

Foreign Income Verification Form (Form T1135)

  To make sure your foreign income verification process goes smoothly, the foreign property that must be recorded on the T1135 includes: Funds in foreign bank accunts Shares in foreign companies, even if held in a Canadian brokerage Interests in non-resident trusts bonds or debentures issued by foreign government or foreign countries Life insurance policies … Continue reading Foreign Income Verification Form (Form T1135)

5 Pitfalls to Avoid While Doing Your Personal Taxes Watch Video

With the upcoming personal tax filing season just around the corner

What Work Related Costs Can I Claim as an Employee? Watch Video

Being an employee has certain tax benefits. In fact, you can claim certain costs

What Work Related Costs Can I Claim as an Employee?

Being an employee has certain tax benefits. In fact, you can claim certain costs of going to work against your taxes. This will reduce your tax bill.

Income Tax Fraud

TAXATION Make sure you hire the right person or company to prepare your income tax return. According to the Canada Revenue Agency (CRA), 28 million people file income tax returns each year and of that number, 50% use tax preparers. Tax preparers can register with the CRA to use EFILE to transmit the completed return … Continue reading Income Tax Fraud

How to Minimize Taxes on Severance Payments

If you leave your job and you receive a severance payment, it is important to do tax planning, otherwise, you risk losing a big chunk of your severance package to the tax man.

How to Minimize Taxes on Severance Payments Watch Video

If you leave your job and you receive a severance payment, it is important to do tax planning,

Benefits of a Health Spending Account

Dental cleanings, prescription drugs, glasses, cavities, massage therapy, antibiotics, contacts….the list goes on and on. Your family spends thousands of dollars a year on medical costs that aren’t covered through OHIP (or your provincial plan). How do you pay for them? Introducing Health Spending Accounts – the smarter way to pay for your health care! … Continue reading Benefits of a Health Spending Account

New Tax Credits for the Year 2014 Watch Video

It’s that time of year again for filing your Canadian Personal Tax Return.

Tax Breaks for Families in 2015

The new measures consists of three components which are forms of income-splitting, raise in monthly child bonus payments and an increase of the tax deduction parents can claim for their child care and children’s fitness expenses.The details of the measures are provided as follows: 1. Family Tax Cut – Income Splitting The new Family Tax … Continue reading Tax Breaks for Families in 2015

Tax implications for Canadians traveling to the U.S.

Are you a Canadian snowbird? Make sure you understand the tax implications for Canadians traveling to the U.S.

Taxation — The Deciding Factor

TAXATION A six-figure earned income may not have as much spending power as expected after taxes. Wages, salaries and all other forms of earned income have increased dramatically for those with the required skills who are willing to move to the parts of the country where such skills are in demand. Indeed, it is not … Continue reading Taxation — The Deciding Factor

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