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.
11/28/2016 04:15 EST
If you're in the midst of filing this year's tax return, why should you be thinking about next year's return? Well, as I wrote earlier this month, a lot of families are coming in and being caught off guard because the Enhanced UCCB, combined with the disappearance of the amount for children, is putting people in a position where they may owe tax this year.
04/05/2016 02:48 EDT
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.
03/28/2016 11:11 EDT
As thousands of new Canadians settle into Canada, among the many things that they'll need to take into consideration are their tax obligations. The Canada Revenue Agency provides in-depth resources for New Canadians to learn more about our tax system, and their filing requirements.
03/21/2016 01:43 EDT
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.
03/14/2016 04:35 EDT
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?
03/11/2016 02:06 EST
You would be surprised at how many times I get asked if a person has to file their taxes. The short of it is, if you earned any income, it is in your best interest to file a tax return this year. Either to get your own money back or determine what you owe and avoid penalties.
03/08/2016 04:40 EST
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.
03/01/2016 04:10 EST
When most working Canadians hear "RRSP," they think of their retirement savings. Or maybe even a nice winter home on the shores of sunny Florida. However, a Registered Retirement Savings Plan (RRSP) is more than just a retirement savings plan. It also has an impact on your tax obligation and can save you hard earned dollars come tax time.
02/26/2016 11:11 EST
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.
02/10/2016 04:54 EST
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.
02/03/2016 05:24 EST
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.
01/21/2016 02:25 EST
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.
12/28/2015 04:06 EST
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.
12/03/2015 11:36 EST
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.
11/17/2015 04:15 EST
In Canada, our system is unique to the individual, and tax obligations are based on each person's allowable deductions and credits. Knowing what to include is often difficult for filers because, across Canada, confusion about taxes persists. Knowing how influential taxes were in the election, let's make sure we understand what is out there and available.
11/05/2015 03:50 EST
While the Child Tax Credit was a nice boost for parents at tax time, you had to have earned enough income to benefit from it. As a non-refundable credit, it meant you had to have paid tax during the year in order to claim it. So a low income family may not have been able to take advantage of the credit. They did not actually benefit from it. This will not be an issue with the enhanced UCCB.
08/14/2015 08:26 EDT
Believe it or not, even the long arm of the taxman can come up empty-handed from time to time. According to the latest federal public accounts, the Canada Revenue Agency wrote off $3.4 billion in uncollectible tax debts from 2013 to 2014.
07/31/2015 05:31 EDT
Canadians may be able to save more in their Tax Free Savings Accounts (TFSA) but most are still confused by how the account actually works. Tax Free Savings Accounts (TFSA) seemed like a simple concept when it was announced in 2009. Canadians over the age of 18 were allowed to save up to $5,000 per year in a TFSA. But the rules are easily misinterpreted. I know several people who have been hit with overcontribution fines.
07/07/2015 08:22 EDT
The CRA conducts random reviews over the summer months to make sure that people are claiming their credits correctly. These requests from the CRA are not audits -- they are simply requests for supporting paperwork. However, some taxpayers will receive a Notice of Reassessment usually with an amount owing.
06/17/2015 08:40 EDT
