Canada Taxes

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.

4 Reasons Your RRSP Is Not An Emergency Fund

Tea Nicola | Posted 01.06.2016 | Canada Business
Tea Nicola

Using your RRSP in a pinch may seem like a reasonable course of action, but in practice it can be a big mistake. There are costs to dipping into your RRSP that that make it particularly unattractive for this purpose.

IRS Crackdown On Tax Cheats Goes Into Overdrive

Cleo Hamel | Posted 01.04.2016 | Canada Business
Cleo Hamel

If you need to file U.S. taxes, the time to ignore your filing obligations seems to be rapidly coming to an end. After much debate and a court case to try and stop it, the Foreign Account Tax Compliance Act (FATCA) came into effect in 2015 and the first information share between the Canada Revenue Agency and the IRS happened in September.

This Is How The Underground Economy Shortchanges Canadians

Caroline Battista | Posted 12.28.2015 | Canada Business
Caroline Battista

It may be tempting to pay for certain things in cash because we think that saving a few dollars here and there can't hurt; however, we fail to see the larger impact of what happens when we do. The underground economy makes it challenging to protect the country's revenue base and hinders the government's ability to keep taxes low. When people pay in cash, they skip out on paying the taxes that support things like healthcare, education and public transportation -- the very social services we rely on every day.

Should You Contribute To An RRSP Or A TFSA?

Nanci Murdock | Posted 12.15.2015 | Canada Business
Nanci Murdock

First, what does each acronym mean? An RRSP is a Registered Retirement Saving Plan, and a TFSA is a Tax-Free Savings Account. Both are provided by the Canadian government as incentives for Canadians to save, primarily for retirement.

Parents May Be Facing A Tax Bill Thanks To Extra Child Care Benefits

Cleo Hamel | Posted 12.09.2015 | Canada Business
Cleo Hamel

After weeks of waiting, we finally know how the Liberals are starting to roll out their tax-related election promises. The previous government was notorious for introducing last minute, retroactive tax changes that it was hard to predict if the new government would follow suit. And now we have our answers.

High-Income Earners Make Changes To Avoid Liberal Tax Hike

CP | Craig Wong, The Canadian Press | Posted 12.07.2015 | Canada Business

"You don't want to push yourself into a higher tax category."

Canadians Are Planning A Charitable Holiday Season

Cleo Hamel | Posted 12.04.2015 | Canada Business
Cleo Hamel

There are a number of reasons to give money to charities and everyone has their own. And while it is secondary for most people, charitable donations also provide tax savings. Registered Canadian charities are allowed to issue receipts for donations so you can make a claim on your tax return.

How To Make Your 2015 Tax Return Your Best One Yet

Caroline Battista | Posted 12.03.2015 | Canada Business
Caroline Battista

Working in the tax industry, I am always surprised by the number of people who think tax planning only happens when they file their return. Waiting until March or April to do your tax planning is not recommended if you want to pay the least amount of tax legally possible.

The Lax Approach To Corporate Tax Havens Is Failing Canadians

Dan Darrah | Posted 12.02.2015 | Canada Business
Dan Darrah

Companies operating in Canada in 2014 held over $199 billion in "assets" -- unpaid taxes -- in havens like Barbados and the Cayman Islands. Canada is one of the biggest "losers" of corporate tax revenue. The "winner" countries are the ones with low-to-none corporate income tax, such as Bermuda, as well as the super-rich.

What The Liberals' Tax Promises May Mean For Your TFSA

Caroline Battista | Posted 11.17.2015 | Canada Business
Caroline Battista

Parliament will reconvene on December 3. While the priority focus will be on marginal tax rates for the middle class and those making more than $200,000, it's worth paying attention to a proposal that was a key promise from the Liberals: rolling back TFSA contribution limits from $10,000 to $5,500.

Will The Liberal Tax Plan Actually Help The Economy?

CP | Andy Blatchford, The Canadian Press | Posted 11.06.2015 | Canada Business

Some experts say it'll have a limited effect.

Liberal Promises Pave the Way for a Simpler, Fairer Tax Return

Cleo Hamel | Posted 10.23.2015 | Canada Business
Cleo Hamel

There are many expectations for this new government and we are all anxious to see how they deliver on their platform. Saying goodbye to boutique tax cuts that only benefit the few should help more of us and make the whole process of filing your tax return less painful.

Asking if Canadians Spend Too Much on Taxes Misses the Point

Michael Wolfson | Posted 10.08.2015 | Canada Business
Michael Wolfson

"There are lies, damned lies and statistics" is the well-worn phrase, but nothing better sums up the recent Fraser Institute scare mongering about taxes being the single largest budget item of Canadian households -- as catchy as the headlines may be, it is alarmist spin. Such biased economic exercises raise a fundamental question: Just what indicators should we be using to keep score on Canada's economic performance?

Fat Taxes a Naïve Prescription for Canadian Health

Jordan Bateman | Posted 10.04.2015 | Canada Business
Jordan Bateman

They're coming first for your devilish Coca-Cola and Pepsi. But they aren't stopping there. They also want taxes on sugary fruit juice (you sinister Sun-Rype suckers!), and anything else that tastes slightly better than water. It won't end -- because big government types truly believe higher taxes can solve every problem -- there's no evidence it will work.

The Risks and Rewards of Using Multiple Wills

Suzana Popovic-Montag | Posted 10.02.2015 | Canada Business
Suzana Popovic-Montag

People have always sought out new and innovative ways to reduce or avoid taxes. In estate planning, some of the more traditional methods have included designating a beneficiary directly in an insurance policy or naming a joint account holder with a right of survivorship. Multiple wills are another effective technique and as a result, have become increasingly popular over the last decade.