Time to do some active planning to beat the passive income tax changes
Earlier this year, the government passed new tax legislation governing Canadian-controlled private corporations (CCPCs), including incorporated professionals. As we enter the final weeks of 2018, one...
View ArticleHow to ensure you take advantage of all the tax benefits that come with being...
It seems like nearly everyone you talk to these days is a landlord or is thinking of becoming one. While some of us may simply rent out our basement to bring in extra income to help cover the...
View ArticleAre business expenses still tax deductible if you no longer operate said...
One of the advantages of being self-employed is the ability to write off a variety of business expenses against your income. In some cases, those expenses may even lead to a loss that may be used...
View ArticleMinimize your 2018 tax bill with these seven last-minute tips
Jamie Golombek: Here's what to do now to reap significant tax savings when you file your 2018 tax return next spring With just days to go before Dec. 31, here’s some last-minute tax-planning ideas to...
View ArticleEverything you need to know about the enhanced CPP — from how much you'll pay...
While it comes too late for retiring Baby Boomers, the generations that follow will benefit nicely from the newly “enhanced” Canada Pension Plan (CPP). Higher premiums to fund it began this month....
View ArticleYour personal business better be real if you are using it to claim expenses...
Moonlighting can be a great way to use your skillset to bring in some extra cash on the side. For some, it may also be a way to justify writing off some otherwise “personal” expenses, such as...
View ArticleThree tips to help retirees minimize their taxes and maximize their cash flow
Two-time heavyweight boxing champion and, later, grill aficionado George Foreman once quipped: “The question isn’t at what age I want to retire, it’s at what income.” A new CIBC retirement poll out...
View ArticleTrudeau is right: 40% of Canadians don’t pay income taxes, which means...
Many people were upset with Prime Minister Justin Trudeau this week for saying “low-income families don’t benefit from tax breaks because they don’t pay taxes.” Of course, some were upset because...
View ArticleTaking this step when filing your taxes can help you avoid a gross negligence...
This week, the Canada Revenue Agency held a media briefing to usher in the beginning of the 2019 tax filing season. But unless you’re certain that you’ve already received all of your tax slips for...
View ArticleHere's what's new this tax filing season, from climate incentive credits to...
The beginning of March marks the end of RRSP season and the start of tax season. The Canada Revenue Agency began accepting electronic returns as early as last week. Last year, nearly 90 per cent of...
View ArticleHow not to claim employment expenses on your tax return
If you’re an employee who pays for various work-related expenses that your boss doesn’t cover, you may be able to get some tax relief when you file your 2018 tax return by claiming a deduction for...
View ArticleWhat’s new in QuickBooks Online: April 2019
With taxes out of the way, it’s time to give your business a boost. With our latest QuickBooks® Online updates, you’ll get time-saving features to help simplify your clients’ workflow and employee...
View ArticleWhy Canada's high tax rates could be a non-factor in Kawhi's stay-or-go...
In just over a week, Toronto Raptors superstar, fan favourite and “fun guy” Kawhi Leonard becomes a free agent and can effectively write his own ticket to play anywhere in the NBA. Leonard was named...
View ArticleHave foreign property? The CRA issues harsh penalties if you don't file this...
If you own foreign property whose total cost exceeds more than $100,000 at any point in the year, you must complete Form T1135, Foreign Income Verification Statement, and file it along with your...
View ArticleLoan interest is still deductible on your tax return, even if your investment...
If you borrow money for the purpose of earning investment or business income, the interest you pay on that debt is generally tax deductible. But what if your investment turns out to be a dud and goes...
View ArticleDeducting personal expenses as business ones lands taxpayer in hot water...
It may be tempting for some taxpayers to write off personal expenses as tax-deductible ones, especially under the guise of a business, but doing so could get your expenses denied by the Canada Revenue...
View ArticleThe taxman has no place in the bedrooms of the nation, unless you claim it as...
“There is no place for the state in the bedrooms of the nation,” quipped the elder Trudeau back in 1967, when, as justice minister, he announced reforms to the Criminal Code that, among other measures,...
View ArticleThey told me it was untaxable in 1965' no excuse for failing to declare...
While Canada’s tax system is generally one of self-reporting, there are a variety of checks and balances built into it to verify that taxpayers are, indeed, reporting their income properly each year....
View ArticleHiring your spouse isn't the easy income splitting tax dodge some people assume
With the top marginal personal tax rate exceeding 50 per cent in more than half the provinces in Canada, it’s no surprise that some taxpayers are looking at ways to income split with a spouse or...
View ArticleHere's how to make the most of tax-loss-selling season
As eggnog lattes replace pumpkin spice beverages at your local café, it’s a sure sign that the holiday season — and year-end — is fast approaching. But before retackling the perennial topic of...
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