Canada Taxes

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.

Flames Owners' Pitch For Corporate Welfare Isn't Doing Us A Favour

Paige MacPherson | Posted 02.22.2016 | Canada Alberta
Paige MacPherson

Calgary taxpayers have now had a little time to recover from the puzzling pitch for public cash that NHL Commissioner Gary Bettman delivered when he came to town. Bettman may have left, but the ask is still on the table.

Last-Minute RRSP Contribution? Avoid These Common Mistakes

Cleo Hamel | Posted 02.22.2016 | Canada Business
Cleo Hamel

The first major financial deadline of 2016 is February 29. This is the last day you can make a contribution to your Registered Retirement Savings Plan (RRSP) and claim the contribution on your 2015 tax return. You still have the first 60 days to make contributions but with the leap year, the deadline is midnight at the end of the month.

Notley Must Let Albertans Decide On New City Taxes

Stephanie Kusie | Posted 02.18.2016 | Canada Alberta
Stephanie Kusie

If city charters are passed without true consent from the people, our fate is clear. We can expect new taxes, new levies, new fees, without change set aside to even afford new pants with deeper pockets. Our premier should do the right thing and put any new city taxes to a referendum.

Letting Uber Break The Law Legalizes The Underground Economy

Jerry Dias | Posted 02.17.2016 | Canada Business
Jerry Dias

Across Canada, our elected leaders are rewriting laws to accommodate Uber, while largely refusing to act when it or its drivers break the law. In no other industry would it be acceptable for a company to continue breaking the law while the government fiddles.

Not Just Anyone Can Speak To The IRS

Cleo Hamel | Posted 02.17.2016 | Canada Business
Cleo Hamel

The Internal Revenue Service (IRS) has rules for tax preparers and which ones can contact them on behalf of a client. It means if you want your tax preparer to handle anything with the IRS on your behalf, they need to have specific qualifications.

Trudeau's Spending Priorities Send Too Many Tax Dollars Overseas

Keith Beardsley | Posted 02.16.2016 | Canada Politics
Keith Beardsley

$4.3 billion spent outside of the country will buy you a lot of thanks from some organizations such as the UN or from climate change conferences. That type of spending will also earn you a lot of selfies to up your political profile. But in the end it is our taxpayers footing the bill.

How Marriage, Death and Other Family Changes Impact Your Taxes

Caroline Battista | Posted 02.10.2016 | Canada Business
Caroline Battista

Did you recently marry or have a child? Did you go through a divorce or the death of a spouse? Family status changes like these directly affect your tax return. Start now and make sure you understand how you will be affected and what credits or deductions may now be accessible to you.

5 Tax Tips Every Student Should Know

Maureen Donnelly | Posted 02.05.2016 | Canada Living
Maureen Donnelly

For students, the month of April is quickly approaching and with it comes not only the stress of final exams but also the deadline for filing your tax return. Of course you need to make sure you're paying what the law requires, but you also want to take advantage of some of the ways that students can reduce their tax bills.

Push Back Against B.C.'s MSP-Like Infrastructure Levies

Jordan Bateman | Posted 02.04.2016 | Canada Politics
Jordan Bateman

Road levy. Recreation and culture levy. Transportation for tomorrow tax. Dedicated road tax. Asset levy. Make no mistake: we want our cities to invest in infrastructure. Sewer, water, roads; these are core responsibilities of local government. But repackaging this spending with a new tax is a slap in the face.

What Cashing In On Sharing Apps Means For Your Taxes

Caroline Battista | Posted 02.03.2016 | Canada Business
Caroline Battista

Businesses have disrupted their respective industries by embracing the sharing platform, which creates new opportunities for those willing to get involved. Each day, there are new apps or programs popping up in cities across the country that make the sharing economy that much easier to operate in.

3 Simple Ways To Save Taxes

Ludovic Siouffi | Posted 02.03.2016 | Canada Business
Ludovic Siouffi

Today, it takes more brains and effort to make out the income-tax form than it does to make the income. - Alfred E. Neuman 1) Prioritize Three Contri...

2016 Tax Hacks To Help You Save Money, Time And Stress

YPNextHome | Posted 02.03.2016 | Canada Business
YPNextHome

It's February, folks, and you know what that means. Taxes... Yeah, yeah, Groundhog Day, Valentine's Day, 2016 leap year and all that. But it's also the time of year when people wake up to the fact that, oh crap, tax deadlines are looming, and that they better get their act together to reduce their tax bill -- not to mention their stress level.

Ted Cruz Is Not The Only One With U.S. Citizenship Problems

Cleo Hamel | Posted 01.25.2016 | Canada Business
Cleo Hamel

While Ted Cruz may be doing everything to prove he is a "natural born" U.S. citizen despite being born in Calgary, his situation underlines how figuring out U.S. citizenship for tax purposes is not as simple as it seems. You can be born in another country, never set foot in the U.S. and still be considered a U.S. citizen.

From Office Pools To Lotteries: Are Winnings Taxable?

Caroline Battista | Posted 01.21.2016 | Canada Business
Caroline Battista

The Super Bowl and the Oscars are just around the corner. Offices and organizations nationwide are going to be putting out the call to have colleagues, friends and family members make their picks. So, if you're curious about how the Canada Revenue Agency views the tax implications of prizes and winnings, here's a quick refresher.

Tax-Free In Canada Doesn't Mean Uncle Sam Agrees

Cleo Hamel | Posted 01.19.2016 | Canada Business
Cleo Hamel

If you are a U.S. citizen living in Canada or you are a Canadian with U.S. tax filing obligations, make sure you understand how your TFSA and RESP will be impacted. You may want to look at different investments to help minimize your U.S. tax reporting requirements.

Denmark: Not As Socialist (Nor As Successful) As You Think

Michel Kelly-Gagnon | Posted 01.19.2016 | Canada Business
Michel Kelly-Gagnon

The lessons to draw from the Danish model are clear, even if they're not the ones Bernie Sanders would like us to draw. The Danes benefited from low taxes in order to get rich, and they remain fairly well-off thanks to a light regulatory touch, but their extensive welfare state is not the great success it's cracked up to be.

Don't Make These RRSP Mistakes When The Market Is Crashing

David Lester | Posted 01.11.2016 | Canada Business
David Lester

The stock market can be more about emotions than economics. Going with the herd and selling in times like this is never the right decision. Boomers need to secure their gains and Millennials need to buy more when opportunities show themselves -- the complete opposite of what happened in 2008.