Tag: Personal tax

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.

Tax Secrets of the Rich

The rich utilized a number of different tax strategies and secrets to maximize their wealth. This includes stock options, golden parachutes, capital gains, and equity swaps. Consider using some of these for your own personal gains.

What are Bitcoins?

Bitcoins is a virtual form of currency used in a barter system of exchange. Its increasing popularity online has complicated tax issues in many countries. In Canada, bitcoins will be taxable, while the in the United States, the IRS has yet to address this issue.

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?

What if my income increases and taxes payable rise?

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 What if my income increases and taxes payable rise?

How do I get a Social Insurance Number, which is required to be reported on tax returns?

To obtain a social insurance number, you have to apply in-person by visiting a Service Canada centre. You can find the address of the nearest centre to your location on the CRA website. To apply, you must take with you original proof-of-identity documents. These documents must prove your identity and status in Canada. For instance, … Continue reading How do I get a Social Insurance Number, which is required to be reported on tax returns?

End of the Year Tax Tips for 2013

The end of the year provides an optimal time to use a tax savings approach. This strategy involves deferring expected income, offsetting capital gains while maximizing tax benefits, donating shares and pay non-eligible dividends.

End of the Year Tax Tips for 2013 Watch Video

The end of the year provides an optimal time to use a tax savings approach.

Individual Tax Credits That You Can Claim in 2014 Watch Video

For Canadians in 2014, there will be some changes to three existing tax credits.

Individual Tax Credits That You Can Claim in 2014

For Canadians in 2014, there will be some changes to three existing tax credits. This includes the lifetime capital gains exemption, the adoption expense tax credit and the hiring credit for small businesses. This also includes the introduction of the first time donor’s super credit.

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