Canada Taxes

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.

The Enhanced UCCB Could End Up Costing You At Tax Time

Caroline Battista | Posted 03.14.2016 | Canada Parents
Caroline Battista

Only a few weeks into tax season, nearly a quarter of my clients who have children are facing the unwelcome surprise that the Enhanced UCCB, combined with the disappearance of the child amount, is actually putting them in a position where they may owe some tax this year.

5 Simple Steps To File Your Taxes On Time

Renate Reimann | Posted 03.14.2016 | Canada Business
Renate Reimann

Death and taxes; two of life's unwelcome certainties. Whenever facing a stressful task, breaking it down into chunks and focusing on each practical step separately can be immensely beneficial. That's why I recommend using the "planning backwards method" when approaching tax season.

Thinking About Making A #MoveToCanada?

Caroline Battista | Posted 03.11.2016 | Canada Business
Caroline Battista

From a northern perspective, Super Tuesday in the U.S. can be a spectacular political event. A candidate unexpectedly rises to the front or, in this case, continues their unexpected rise to the Presidential candidacy. And, like clockwork, a contingent of American voters suddenly proclaim that they're going to move to Canada. So what should people who are thinking of making the trek know about our tax system?

How Do Charitable Tax Credits Help?

Marina Glogovac | Posted 03.07.2016 | Canada Business
Marina Glogovac

This desire to 'do good' without any financial reward might help explain why the number of Canadians taking advantage of charitable tax credits plummeted from 29.5 to 21.9 per cent from 1990 to 2013, and why under six million people claim the federal Charitable Donation Tax Credit each year despite the fact that about 24 million of us (about 85 per cent of Canadians) make an annual financial donation to charity.

Tax Changes That Will Impact Your Return This Year

Cleo Hamel | Posted 03.03.2016 | Canada Business
Cleo Hamel

From the Canadian Federal election to the collapse of oil prices to a jump in food prices, 2015 was a year of changes. And your tax return is no exception. But unlike previous years, there are only a few changes. However, even small changes can help you save a few tax dollars.

8 Unexpected Ways You Can Save Money On Your Tax Return

Caroline Battista | Posted 03.01.2016 | Canada Business
Caroline Battista

Even after mastering the basics of tax preparation and filing, a lot of filers will often find out new things about their tax returns that end up delivering a few more benefits along the way. I call these tax "aha!" moments.