Canada Taxes

Use Marijuana Tax Revenues To Treat Related Public Health Issues

Bill Bogart | Posted 07.20.2016 | Canada Politics
Bill Bogart

The money raised through those taxes will have more impact if it is used to support prevention and counselling than it will by becoming part of general revenues used for various purposes. Second, the taxes will more likely be supported by the public if they are used for these specific ends.

This Firm Avoids Taxes Abroad – And Ottawa Still Backs It

Yves Engler | Posted 06.28.2016 | Canada Business
Yves Engler

Twenty-first century "Canadian" corporate capitalism is quite the racket. Built with public subsidies, a Montréal firm can shift its "head office" to a tax haven and workforce abroad, but Ottawa will continue to use its diplomatic, economic and military might to advance the company's reactionary international interests.

Sorry Christy, B.C. Parents Won't Fall For Latest Liberal Election Ploy

Sarah Miller | Posted 06.20.2016 | Canada British Columbia
Sarah Miller

Less than a year before the provincial elections, education has been identified as a key election issue -- and just like that, Christy Clark begins a slew of million-dollar announcements, many aimed at ridings she knows the Liberals will struggle to get elected in.

BC Transit Audit Shows Need For Efficiency, Not Higher Taxes

Jordan Bateman | Posted 06.16.2016 | Canada British Columbia
Jordan Bateman

The long-awaited BC Transit provincial review went public earlier this month. To no one's surprise, the audit found several ways BC Transit has been wasting your tax money, and how poor they are at managing the millions of dollars of assets with which we entrust them.

Passing Cottage Property Onto Your Kids Is No Walk Along The Lake

Jeet Dhillon | Posted 06.09.2016 | Canada Living
Jeet Dhillon

For many families a cottage is a place of special moments, milestones and memories. However, having a recreational property is not always fun and games -- there are also many costs and responsibilities that come along with ownership, especially when transferring the property to your children.

What To Do With Your Tax Refund

Wade Stayzer | Posted 05.16.2016 | Canada Living
Wade Stayzer

When a refund is granted, keep in mind that this money was yours to begin with, not a gift from the government. Nonetheless, it's still great to receive those additional funds. Now that you have that extra cash on hand, let's look at ways to maximize your tax refund and get it working for you.

Filing Your Taxes Last-Minute Is Simpler Than You Think

Jeff Cates | Posted 04.27.2016 | Canada Business
Jeff Cates

The tax deadline falls on May 2 this year, which means Canadians have an extra weekend to file their taxes. The CRA will soon be hit by a wave of last-minute tax returns, as countless Canadians wait until the last minute.

This Tax Season, Manage Your Donations Like Your Investment Portfolio

Bruce Dewar | Posted 04.21.2016 | Canada Business
Bruce Dewar

By examining the actual return on investment of our charitable donations, we can better assess the tangible social impact of our donations. To do this, ask yourself, what social impact has my donation made? Or better yet, ask your charity of choice how the dollars you donated made a difference.

Alberta's Budget Inspires, Newfoundland's Does Not

Jerry Dias | Posted 04.20.2016 | Canada Politics
Jerry Dias

The NDP government of Rachel Notley is showing the rest of Canada, and Newfoundland and Labrador in particular, that when tough times hit, we look after each other. Across the country, the Liberal government of Dwight Ball is showing no such compassion, bringing in tax hikes and service cuts that hurt those with the lowest incomes most.

Think Your Taxes Are High? Take A Look At This Chart

The Huffington Post Canada | Jesse Ferreras | Posted 04.16.2016 | Canada Business

Tax season has arrived in Canada. For some, it's a time to celebrate how much they'll receive on their returns. For others, it's time to complain a...

Handling Estate Related Income Tax Returns

Suzana Popovic-Montag | Posted 04.15.2016 | Canada Business
Suzana Popovic-Montag

When it comes to acting as executor of an estate, there is no shortage of responsibilities that should be carefully reviewed prior to accepting the role. One of the most fundamental duties is that all estate related income tax documents are filed and in good standing.

Here's How Long It Takes To Receive Your Tax Refund

Jennifer Gorman | Posted 04.12.2016 | Canada Business
Jennifer Gorman

For many Canadians, the biggest single payment they receive all year is their tax refund cheque. How long you'll wait between filing and receiving your refund depends on a number of factors.

We Can Fix The Rigged Tax System Revealed In The Panama Papers

Dennis Howlett | Posted 04.10.2016 | Canada Business
Dennis Howlett

Is it collusion, corruption or just plain incompetence? That answer will likely play out over time if there is a public demand for accountability. In the meantime, Canadians need a plan to make sure that our leaders understand what we have known for a while -- the tax system is neither fair nor doing an adequate job.

What The Panama Papers Have Shown The World

Jerry Dias | Posted 04.08.2016 | Canada Politics
Jerry Dias

As the deadline looms for honest tax-paying Canadians to file their income tax, word comes this week that the wealthiest among us are going to extreme lengths to avoid paying their fair share. The Panama Papers, at 2.6 terabytes of data believed to be the largest-ever leak of documents, reveal the secret dealings of the world's rich and famous who avoid paying taxes. The scheme is to funnel cash through shell companies offering tax havens around the world. And Panama is just one of many examples.

Panama Papers Prove Ottawa Must Get Tougher On Tax Evasion

Nicholas Mizera | Posted 04.06.2016 | Canada Business
Nicholas Mizera

In the wake of the Panama Papers investigation, federal anti-money laundering agency Fintrac slapped an unnamed Canadian bank with a $1.1-million penalty for failing to report a suspicious transaction and various money transfers. Fintrac hopes the move sends a "strong message" to individuals attempting to short the country's coffers. How's that, exactly?

Canada's Outdated Income Tax Act Begs A Top-To-Bottom Review

Gabe Hayos, FCPA, FCA | Posted 04.06.2016 | Canada Business
Gabe Hayos, FCPA, FCA

By making it easier to navigate the tax rules and meet their obligations, Canadians will spend less time and less of their money on preparing their taxes, leaving more in their pockets. For Canadian businesses, productivity could improve as they spend less time, effort and capital dealing with tax compliance and red tape.

B.C. Liberals' Off-Road Licensing Tax Grab Goes Too Far

Jordan Bateman | Posted 03.31.2016 | Canada Politics
Jordan Bateman

For a government that prides itself on holding the line on taxes and cutting red tape, the B.C. Liberals have sure blundered on their new off-road vehicle (ORV) tax and licensing scheme. Late last year, the government began forcing people -- mainly rural British Columbians -- to register their off-road vehicles, including snowmobiles, ATVs and dirt bikes.

Simplify Our Tax Code To Level The Playing Field

Jordan Bateman | Posted 03.30.2016 | Canada British Columbia
Jordan Bateman

Canada's tax code has become just as absurd as something out of a comic book. Layers of political pandering and unintended policy outcomes have made tax rules a complex labyrinth that produce virtually random results. Is your tax bill higher or lower than last year? Let's flip a coin.

Tax Tips Every Mobile Entrepreneur Needs To Know

Jeff Cates | Posted 03.29.2016 | Canada Business
Jeff Cates

As life becomes increasingly mobile, there is an uptick in the number of Canadians who start and manage small businesses without brick and mortar locations. No matter how mobile or field-based entrepreneurs earn their income, it's important to understand how these modern business endeavours impact your taxes. Here's an overview of what you need to know before you file.

Federal Budget Ditches Boutique Tax Credits For Fairer Child Benefits

Cleo Hamel | Posted 03.28.2016 | Canada Business
Cleo Hamel

The changes are designed to distribute benefits and programs more fairly based on income. Families and students are the main beneficiaries of the new budget, though many of the proposed changes will not take effect until next year's tax return.

What You Need To Know About Filing Taxes In Tough Times

Caroline Battista | Posted 03.28.2016 | Canada Business
Caroline Battista

It's been a really tough year for a lot of my friends here in Western Canada. Towards the end of last year, news stories about job losses in Alberta were the most important newsmaker of the year. It's unfortunately a familiar story for a lot of employees who work in the oil patch.

Medical Expenses You May Not Know Are Eligible For The Medical Tax Credit

Kathleen O’Grady | Posted 03.22.2016 | Canada Living
Kathleen O’Grady

As Canadians we like to take pride in our publicly funded healthcare system, but the truth is many of us -- especially those with or caring for someone with disabilities or chronic conditions -- pay out of pocket for a wide range of essential health services. Studies show Canadians pay as much as 30 per cent of our health needs privately.

Why A Tax Refund Is Bad For You

Cleo Hamel | Posted 03.18.2016 | Canada Business
Cleo Hamel

For people expecting a refund, it may seem like a bonus payout from the government and feels great for a few moments until you realize it is money you overpaid the government in 2015. You are getting it back several months later with no interest. Once you understand this, tax refunds may not seem like a good idea after all.

Tax-Filing Can Be A Money Management Teaching Moment

Jeff Cates | Posted 03.15.2016 | Canada Parents
Jeff Cates

If you're a parent, you may be wondering when your children should start filing their own taxes. Even if they're still too young to take this on themselves, every child can benefit from a simple conversation about income, money management and how taxes come into play.

Programs, Rebates And Credits For First-Time Home Buyers

Jennifer Gorman | Posted 03.15.2016 | Canada Business
Jennifer Gorman

Along with longer days, warmer temperatures, and blooming buds, spring also tends to bring an increase in real estate sales. If you are planning on taking the plunge into home ownership for the first time, you may qualify for a number of programs, credits, and rebates.