Canada Taxes

Proving Yourself To The Taxman

Cleo Hamel | Posted 12.01.2016 | Canada Business
Cleo Hamel

No one wants to receive a brown envelope from the Canada Revenue Agency but if you file a tax return, you can expect to get some correspondence from the taxman.

What Selling Your House Can Mean For Your Next Tax Return

Caroline Battista | Posted 11.28.2016 | Canada Business
Caroline Battista

You sold your house, you survived the move and your boxes are all unpacked -- great job! That can be quite an undertaking, I know. But the work isn't quite done yet. Recently, the government announced important changes that will add an extra step to selling your home -- reporting it.

Senate Changes Trudeau's Signature Middle-Class Tax Bill

CP | The Canadian Press | Posted 11.22.2016 | Canada Politics

One Senator called it "a significant improvement."

IRS Voluntary Compliance Programs Are Successfully Collecting Money

Cleo Hamel | Posted 11.15.2016 | Canada Business
Cleo Hamel

Unlike the Canadian tax system, the U.S. system is based on both citizenship and residency. It means that even if they leave the country to live elsewhere, U.S. citizens may have tax filing obligations with the IRS. In many cases, U.S. citizens didn't realize they needed to file tax returns after they left the country.

Even With Low Interest Rates, Federal Deficits Are A Concern

Jasmin Guénette | Posted 11.04.2016 | Canada Business
Jasmin Guénette

The federal deficit is rising, far beyond the $10 billion projected in the Liberal's election platform. The stated purpose of running $130 billion of deficits over five years is to stimulate the Canadian economy, whose prospects for growth are deteriorating.

Ottawa Must Ask Itself Two Basic Questions About Deficit Spending

Sean Speer | Posted 10.28.2016 | Canada Politics
Sean Speer

Finance Minister Bill Morneau will soon release the government's Fall Economic Statement and the expectation is for more stimulus spending and higher deficits. The surrounding debate in Ottawa has been mostly focused on "how" and "what" of deficit spending and insufficiently on "why" and "when."

Nestlé Isn't Alone, Every Damn Drink Maker Is Taking Our Water

Joshua Ostroff | Posted 09.26.2016 | Canada Business
Joshua Ostroff

Go on and boycott Nestlé. Here's a handy guide to all their products. But realize that despite Nestlé being a bad corporate citizen and the world's biggest bottler of water, boycotting them will not solve the problem. The issue isn't just bottled water, it's that we allow companies to drain our water table for what amounts to free. It's time to disrupt the entire beverage market's business model, which is to extract an ingredient for basically free and sell it for an absurd amount. We need to charge them a rate for that extraction that serves the public interest.

You'll Need To Earn This Much To Afford A House In Canada

Workopolis | Posted 09.23.2016 | Canada Business
Workopolis

From foreign buyers gobbling up properties sight unseen to young families trying to raise kids in condo towers, the Canadian housing market is a hot topic of discussion these days. But what do houses really cost these days?

Google Searched For (And Found) The Perfect Tax Havens

Dennis Howlett | Posted 09.14.2016 | Canada Politics
Dennis Howlett

In the past, Google's actual overseas tax rate has been as low as 2.4% -- across many countries where normal tax rates would be over 20%. Even Ireland charges a measly 12.5%. Google has maintained that these arrangements are entirely legal. Many countries have disagreed.

B.C. Cities Gathering To Find New Ways To Charge Taxpayers

Jordan Bateman | Posted 09.07.2016 | Canada British Columbia
Jordan Bateman

At a time when many B.C. taxpayers are struggling under the weight of their heavy tax burden, growing personal debt, and an incredibly high cost of living, our locally elected officials are there to remind us all of how hopelessly out of touch they are.

Tax Agreements: From Double Taxation To Double Evasion

Guy Caron | Posted 09.02.2016 | Canada Politics
Guy Caron

The issue of tax havens is inherently international in scope. As a result, the government can use tax agreements to fight tax avoidance schemes. Unfortunately, tax agreements haven't been used for that purpose. On the contrary, they have facilitated the outflow of Canadian money to offshore financial centres, and have done very little to break the damaging secrecy laws of these countries.

Disability Credits And Grants: A Financial Boost And Peace-Of-Mind

Cairine Wilson, CPA Canada | Posted 09.01.2016 | Canada Business
Cairine Wilson, CPA Canada

Financial knowledge is at the heart of stretching our dollars. For those with a severe and prolonged disability, saving money can be particularly challenging, given the expenses that often accompany disabilities and, in some cases, the difficulties getting or holding a job. And if you are tending to a loved one with a disability, extra costs likely are involved.

Canada Should Not Follow Europe's Example In Taxing Online Purchases

Mathieu Bédard | Posted 08.16.2016 | Canada Business
Mathieu Bédard

There has been some debate in Canada recently over the issue of sales taxes when making purchases on the Internet from abroad. Right now, when Canadians buy products and services, such as clothes or movie streaming subscriptions, from online vendors located abroad, it is the consumers who are responsible for declaring sales taxes.

B.C. Will End Up Paying For Christy Clark's Foreign Investor Tax

Jordan Bateman | Posted 07.28.2016 | Canada British Columbia
Jordan Bateman

There's no tax quite as popular as a tax on someone else. But will the people still be on board once the bills come in for collecting the Vancouver vacancy tax, or when the foreign investment tax has to morph to catch the money coming into the country? Or if housing prices are unaffected? Or if housing prices plunge and Canadian homeowners owe more than their home is worth?

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.