Personal tax Archives

Tax implications of selling or gifting a family cottage

Before being overly generous, consider the tax implications of selling or gifting your cottage to family.

New 2014 Tax Developments & Updates for Canadians

Madan Chartered Accountant conducted our first webinar on September 26, 2014. This webinar provided informational content on new tax developments and changes for 2014. The aim is to provide our clients with up to date information so that they can get ready for the year-end and for the upcoming tax season. Please download your copy … Continue reading

Review your Health and Life Insurance with your Accountant

When you’re buying real estate, you’ve got your own agent and own lawyer. They’ve got their own agent and own lawyer too. Each side has specialists working for them. When you’re buying life or health insurance, you face a huge imbalance. The advisor is working for the insurer, not you. You can tell because you … Continue reading

Saving Tax on Life Insurance Premiums

Tax Treatment of Life Insurance Premiums Normally, life insurance premiums are not deductible by individuals or corporations for tax purposes. However, there are a few exceptions which are discussed below. Life Insurance Policy Used as Collateral for Loan Life insurance premiums (or a portion of it) may be tax deductible if the policy is required … Continue reading

Life Insurance for TAX Savings

This article discusses details on how you will be able to use investments in life insurance to secure higher returns on investment (ROI), and potentially reduce tax. To harness the power of maximizing ROI and tax savings, it is important to understand exactly how life insurance and taxation of those life insurance policies work. The … Continue reading

Setting up an Immigration Trust for New Canadians

Canadian residents for tax purposes are subject to Canadian tax on income earned on worldwide assets. As such, immigrants of Canada must consider the tax consequences of their relocation. The CRA has many opportunities for new immigrants that will help with their tax burdens. One of the more important plans that the CRA provides is … Continue reading

Are Gifts Given to Family Members Taxable to Them? Watch Video

Taxation on gifts to family members can be tricky. Usually the recipient

Taxability of gifts to family members clarified.

Taxation on gifts to family members can be tricky. Usually the recipient does not have to pay taxes but the person who gives the gift might face personal taxes. There are a couple of tips that you can take to minimize or avoid taxes such as not giving gifts that can increase in value.

Lower Your Tax Bill: Income Splitting with Your Spouse

So you want to know how can I lower my tax bill by income splitting with my spouse? Income splitting with a spouse is a very effective technique to reduce overall household tax liability. Some options within this technique involves letting the higher income spouse pay for all the house hold bills which frees the lower … Continue reading

How Can I Lower My Tax Bill by Income Splitting with My Spouse? Watch Video

So you want to know how can I lower my tax bill by income splitting with my spouse?

What Tax-Free Benefits Can I Get from My Workplace? Watch Video

What tax-free benefits can I get from my workplace? Employees can receive benefits from their workplace

Tax-free benefits available from your workplace.

What tax-free benefits can I get from my workplace? Employees can receive benefits from their workplace and employers that are completely tax-free. Some common benefits include a loan from an employer to buy a home, medical and dental benefits, non-cash gifts, as well as education and training related costs.

Am I Eligible to Deduct Home-Office Expenses?

So you are probably asking yourself can I deduct home-office expenses? Those who run a home office and use a portion of their home as a designated office space are eligible to claim relevant tax deductions. The primary condition is that the home must be your primary place of business.

Am I Eligible to Deduct Home-Office Expenses? Watch Video

So you are probably asking yourself can I deduct home-office expenses?

How to Prevent Paying Car Tax Watch Video

If you use a vehicle for work and would like to avoid paying tax on it.

Tag: Personal tax