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Haven’t filed your 2012 tax return? The good news is, you’ll still be able to file it electronically until January 2014. Previously, Canada Revenue Agency (CRA) cut off electronic filing through its...
View ArticleGet your paperwork together before the last minute
It sounds simple enough: Get your (tax) stuff together. But every year, too many Canadian taxpayers find themselves scrambling at the last minute to find their myriad of slips, receipts and forms they...
View ArticleGiving to charity can help your tax return too
November usually means lots of bad moustaches for a good cause, as the Movember campaign to raise funds for prostate cancer gets going. And the federal government is matching any donations directed to...
View ArticleAdjusting your tax return the easy way
Making changes to filed tax returns used to be a tedious process: print off the required forms, fill them out, mail them in with photocopies of applicable receipts, and hope you’ve included everything...
View ArticleWhy am I missing out on some tax credits?
It is quite common for people to ask why their friends receive regular cheques from the government and they do not. They may have the same income or the same number of children, and are mystified by...
View ArticleIs your incorporated company merging or combining with another corporation?
There may come a time when it’s beneficial to your business to combine or amalgamate with another. Perhaps you’d like to bring your unincorporated sole proprietorship under an incorporated umbrella to...
View ArticleKeep your income statements separate if you own multiple businesses
Corporations that operate multiple businesses or rental properties often prefer to amalgamate the income statement of the various entities to get a big-picture overview of how the corporation is...
View ArticleCan I change my corporation’s fiscal year-end?
As an individual, whether you are self-employed or on someone else’s payroll, your fiscal year-end — the date on which you report your income for the previous 12 months — is December 31. And it is not...
View ArticleReporting income from crowdfunding
Vancouverite Eric Migicovsky had an idea while he was studying engineering at the University of Waterloo: A wristwatch that would sync to a user’s smart phone, displaying incoming text messages and...
View ArticleStarted working for yourself this year? Tax season is closer than you think
The deadline for self-employed Canadians or owners of unincorporated small businesses to file their 2013 tax return without incurring a late-filing penalty is June 16, 2014. That may seem far into the...
View ArticleYes, tips are taxable income
Even though most wait staff might view their tips as a gift, the Canada Revenue Agency does not share that view. Tips are considered taxable income and need to be reported on your tax return as...
View ArticleWhat happens to tuition and education carry-forward amounts when you move to...
Students receive generous tax credits, and the federal education amounts are the same regardless of where you live: $400 per month for a full-time student, and $120 per month for part-time study. There...
View ArticleBeware of paying a percentage of your Disability Tax Credit
The Disability Tax Credit (DTC) may be one of the most commonly overlooked tax deductions. Many people do not claim it, assuming they do not qualify. But if you have a disability that causes you some...
View ArticleHow much money can I earn from my summer job before I pay income tax?
Most people know income tax is deducted from every paycheque and they need to file a tax return. If you earned a small amount of money during the year it may not seem worth it to file a tax return, but...
View ArticleWhat is a carry-forward amount?
Post-secondary students have access to some of the most generous tax credits. Their T2202A Form allows full-time and part-time students to claim their tuition as well as the education and textbook...
View ArticleProvincial tuition rebate programs can bring a little credit after graduation
Post-secondary educations are expensive propositions, and many students graduate and start life with large student loans to pay off. However, four provinces are trying to attract recent graduates to...
View ArticleWhat is the Canada Pension Plan?
Every Canadian 18 or over is required to contribute a percentage of their employment income to the Canada Pension Plan (CPP). For 2013, it is 4.95% on maximum earnings of $47,600 and your employer is...
View ArticleDeferring your Old Age Security Benefits can be beneficial
Changes to the Old Age Security benefit give qualified recipients more choice, but step one is determining eligibility. Old Age Security (OAS) is a monthly benefit paid to eligible taxpayers 65 or...
View ArticleHow not to fight the tax man
The Income Tax Act allows taxpayers to appeal or fight an assessment. There is a process and you must follow the rules if you do want to fight the tax man. However, in the last few years, there has...
View ArticleMaking the most of summer and tax savings
Most people only think of income tax in March or April, but it’s a year-round process and deductions can come at any time of the year, even in the summer months. Here are some common summertime tax...
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