March 7, 2025
There are several reasons an individual might convert part of their home into a rental property. However, this action can have significant income tax implications, including […]
August 22, 2024
In late 2023, the Federal government announced its intention to deny income tax deductions for expenses by non-compliant operators of short-term rental properties (such as Airbnb […]
June 18, 2024
The $2/day flat rate method available to claim expenses for employees working from home was a temporary administrative measure only available from 2020 to 2022; it […]
June 4, 2024
Various changes and issues have arisen in respect of T-slips to be filed and processed for the 2023 year. Dental benefitsBeginning with the 2023 year, issuers […]
March 7, 2024
On December 11, 2023, Health Canada issued details on the Canada dental care plan that would cover a wide variety of dental services for certain Canadian […]
September 28, 2021
As some businesses struggle with cash flow, they may be motivated to prioritize suppliers and other creditors ahead of CRA. A recent court case demonstrates CRA’s […]
April 8, 2021
Under normal circumstances, CRA will be begin charging compound daily interest starting May 1st, 2021 on unpaid taxes owing for the 2020 tax year. However, due […]
July 29, 2020
The New Payment Deadline is now September 30, 2020! The CRA initially extended the payment deadlines for individual, corporate and trust income tax returns to September […]
April 2, 2020
Our understanding of the most important provision of the current relief programs is summarized below. This information is currently as of April 1, 2020 only. Canadian […]
February 11, 2020
Yes, it’s tax season – AGAIN. Navigating the sea of life’s daily stresses can be challenging enough. What can help us cope with the added challenge […]
January 21, 2020
Regular housekeeping is good for us mentally, physically and emotionally – especially when managing our personal tax paperwork. How so? Well, suppose you got a notice […]
March 20, 2019
It’s hard to believe that we’ve entered another personal tax season. In fact, April 30th is just 42 days away! To make tax season as stress […]
October 17, 2018
In November 2016, we blogged about Tax Free Savings Accounts. Since inception, CRA has been auditing TFSA accounts and this has resulted in penalties to taxpayers […]
June 20, 2018
Costco, Superstore and Wal-Mart have got us used to the efficiency and convenience of one stop shopping. However, should this same concept be applied to your […]
April 16, 2018
Although these two terms are used interchangeably, when you’re discussing tax credits and tax deductions you’re not comparing apples to apples. They are very different and […]
March 21, 2018
“By failing to prepare, you are preparing to fail.” With this sobering advice in mind, we have prepared some tips to help you get organized and […]
February 14, 2018
CRA giveth and CRA taketh away. Actually, more “taketh” than anything! As you run around getting all your tax slips in order, we wanted you to […]
November 8, 2017
So, you did your homework and started a RESP for your child. Bravo! However, now junior is grown up and ready to go off to University […]
May 16, 2017
How do you know if you are eligible for the disability tax credit (DTC)? CRA’s website has a tool available where you can review some questions […]
April 10, 2017
An instalment payment is a partial payment of the total amount of tax payable for the year. Instalments are not paid in advance; they are paid […]
April 4, 2017
Filing personal returns on time is crucial. This is especially important when you have a balance owing because the CRA will charge you a late-filing penalty […]
March 9, 2017
In what situations can you claim? If you drive over 40 kilometers from home to obtain medical treatments, you may be eligible to claim your travel […]
February 28, 2017
What is it? A Registered Education Savings Plan (RESP) is a special investment account that helps families plan for post-secondary education funding, and provides future tax-saving […]
February 7, 2017
A Registered Retirement Savings Plan (RRSP) is a personal savings account registered with Canada Revenue Agency (CRA) to help you save for retirement and reduce your […]
January 3, 2017
The Latest Principal Residence Exemption Rule Affects Every Canadian Homeowner You’ve sold your home and there’s lots of financial matters on your mind – legal fees, […]
November 16, 2016
The Tax Free Savings Account (TFSA) is a savings account that allows any individual over the age of 18 and who has a valid Canadian SIN […]
July 21, 2016
It is quite well-known that medical expenses can be claimed as a tax credit, but what is less known is just how such a tax credit […]
April 11, 2016
Commencing in 2015, the Canada Revenue Agency has implemented changes to reporting foreign property on Form T1135. The changes include a simplified method for reporting foreign […]
April 6, 2016
On February 15, 2016, Finance Minister Charles Sousa delivered the 2016 Ontario Budget. Please find below some highlights from that release that we thought would be […]
April 10, 2014
1. Collect all your stuff in a shoebox – the older the better. You want her to spend all her time sorting through your receipts at […]
June 14, 2013
For individuals considering adoption or currently involved in the adoption process CRA offers an Adoption Tax Credit. Adoption period: begins at the earlier of : the […]
May 17, 2013
If you move to a new location, you may be eligible to deduct your moving expenses. The general rules are you may deduct moving expenses from […]
March 8, 2013
Starting in January 2013, CRA requires tax returns to be filed electronically. This applies to both T1 individual income tax returns and T2 corporation income tax […]
February 7, 2013
A registered retirement savings plan (RRSP) is an account you can set up to save money for the future. There are immediate tax benefits in the […]
December 10, 2012
One often reads or hears about year end tax loss selling and the deadline to execute these kinds of trades that comes along each December. Here’s […]
March 20, 2012
If you are entitled to a refund, the earlier you file, the earlier you will get your money back from the Canada Revenue Agency (“the CRA”). The CRA […]