Tag: Personal tax

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 Setting up an Immigration Trust for New Canadians

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 Lower Your Tax Bill: Income Splitting with Your Spouse

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.

How to Prevent Paying Car Tax

If you use a vehicle for work and would like to avoid paying tax on it. It is important that you do not pay for those related expenses through your business account. Rather, you should pay for it out of your personal account. This way it becomes a taxable benefit for you on your personal … Continue reading How to Prevent Paying Car Tax

What are employee expenses?

Are you an employee looking to save on taxes? Did you know there are deductions that might be available to you? As far as deductions go, you have probably about small businesses and corporations. A business owner or corporation can deduct any reasonable expense incurred in the when earning income.  Unfortunately, there is not as … Continue reading What are employee expenses?

Understanding advanced tax rulings and interpretations.

Are you entering a business deal, but are unsure of any tax effects it may trigger? If you are, you should consider both the cost and benefit of requesting an income tax ruling and an interpretation. In this article, I will provide you with further information on this complex topic so you can make an … Continue reading Understanding advanced tax rulings and interpretations.

Reducing your risk of a tax audit: effective tips.

Do you want to learn how to reduce the risk of being tax audited? Tax audits are a legitimate concern for everyone. However, your risk can be greatly reduced by avoiding key audit triggers such as reporting consecutive years of business losses and making high expense claims. Additionally, you should also ensure that you have supporting … Continue reading Reducing your risk of a tax audit: effective tips.

How to Reduce Your Risk of Being Tax Audited Watch Video

Do you want to learn how to reduce the risk of being tax audited?

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