Claiming the Canada Child Benefit (August 2019)
Raising children is expensive and, in recognition of that fact, the
federal government has, for more than half a century, provided
financial assistance to parents to help with those costs. That
assist...
Just a few questions about your tax return …. (August 2019)
While most Canadians turn their mind to taxes only in the spring
when the annual return must be filed (and then only reluctantly),
taxes are a year-round business for the Canada Revenue Agency
(CRA). ...
Claiming a deduction for moving expenses (July 2019)
The most recent estimate issued by the Canadian Real Estate
Association (CREA) is that close to half a million homes will be
sold in Canada during 2019. Since that number doesn’t include moves
f...
A mid-year check up on your taxes (June 2019)
Most Canadians have now filed their individual income tax return
for the 2018 tax year and received a Notice of Assessment outlining
their tax position for that year. Those who receive a refund will
c...
Canadian households set (another) new debt record (June 2019)
It’s the financial “achievement” no one wants to have, but
Canadians keep setting new records when it comes to the size of
their household debt. And, as of the last quarter of 2018, ...
New assistance for first-time home buyers (June 2019)
It would be entirely reasonable for Canadians seeking to buy their
first home to feel that the odds are very much against them, for a
number of reasons. Many of them, especially those in their
twentie...
Objecting to your 2018 Notice of Assessment (June 2019)
By May 20, 2019, the Canada Revenue Agency (CRA) had processed just
over 27 million individual income tax returns filed for the 2018
tax year. Just under 17 million of those returns resulted in a
refu...
New Quarterly Newsletters (May 2019)
Two quarterly newsletters have been added—one dealing with personal
issues, and one dealing with corporate issues....
Coming clean with the tax authorities (May 2019)
Although virtually no one looks forward to the task, the vast
majority of Canadians do file their tax returns, and pay any taxes
owed, by the applicable tax payment and filing deadlines each
spring. T...
Getting relief from the high cost of driving (May 2019)
As every Canadian driver knows, gas prices seem to rise every
spring, seemingly in lockstep with the warmer weather. This year,
that annual trend has been given an extra push by the
implementation of ...
Fixing a mistake in your (already filed) tax return (May 2019)
For the majority of Canadians, the due date for filing of an
individual tax return for the 2018 tax year was Tuesday April 30,
2019. (Self-employed Canadians and their spouses have until Monday
June 1...
Budget expands access to Home Buyers’ Plan (April 2019)
Both changes in the job market and increases in real estate prices
over at least the past decade have made the goal of home ownership
an elusive or even impossible one for many Canadians, especially
y...
What to do when you can’t pay your tax bill (April 2019)
Most taxpayers sit down to do their annual tax return, or wait to
hear from their tax return preparer, with some degree of
trepidation. In most cases taxpayers don’t know, until their return
is ...
Paying the taxman – how and when (April 2019)
Our tax system is, for the most part, a mystery to individual
Canadians. The rules surrounding income tax are complicated and it
can seem that for every rule there is an equal number of exceptions
or ...
When and how to file this year’s tax return (March 2019)
Each year, the Canada Revenue Agency (CRA) publishes a statistical
summary of the tax filing patterns of Canadians during the previous
filing season. Those statistics for the 2018 show that the vast
m...
It’s tax filing – and tax scam – season (March 2019)
For many years now, there has been a persistent tax scam operating
in Canada in which Canadians are contacted, usually by phone, by
someone who falsely identifies himself or herself as being a
represe...
What’s new on this year’s tax return? (March 2019)
While Canadian taxpayers must prepare and file the same form – the
T1 Income Tax and Benefit Return – every spring, that return form
is never the same from one year to the next. The one co...
More debt … and more interest (February 2019)
The fact that debt levels of Canadian households have been
increasing over the past decade and a half can’t really be called
news anymore. In particular, the ratio of debt-to-household-income,
w...
RRSPs and TFSAs — making the annual contribution (February 2019)
For most taxpayers, the annual deadline for making an RRSP
contribution comes at a very inconvenient time. At the end of
February, many Canadians are still trying to pay off the bills from
holiday spe...
Taking advantage of pension income splitting (February 2019)
Income tax is a big-ticket item for most retired Canadians.
Especially for those who are no longer paying a mortgage, the
annual tax bill may be the single biggest expenditure they are
required to mak...
Quebec Pension Plan Premiums for 2019 (January 2019)
The Quebec Pension Plan contribution rate for employees and
employers for 2019 is 5.55%, and maximum pensionable earnings are
$57,400. The basic exemption is $3,500....
Tax deadlines and limits for the 2019 tax year (January 2019)
Each new tax year brings with it a listing of tax payment and
filing deadlines, as well as some changes with respect to tax
planning strategies. Some of the more significant dates and changes
for indi...
Year-end planning for your RRSP and TFSA (December 2018)
Most Canadians know that the deadline for making contributions to
one’s registered retirement savings plan (RRSP) comes after the end
of the calendar year, around the end of February. There are,...
Protecting yourself from tax scams (July 2017)
As the Canada Revenue Agency (CRA) notes on its website, new tax
scams are devised every single day of the week. And, despite the
cautionary tales which appear frequently in the media and the
warnings...
Deciding whether to dispute your tax assessment (July 2017)
The variety of amounts and kinds of income, deductions taken, and
credits claimed on individual income tax returns filed by Canadians
each spring is almost limitless. Each of those returns, however,
h...
Keeping up with your taxes for 2017 (July 2017)
By now, halfway through the 2017 tax year, almost all Canadian
individual taxpayers will have filed their income tax return for
2016, and most will have received the Notice of Assessment which
summari...
New rules for financing post-secondary education (June 2017)
For many years, post-secondary students have financed their
educations in part through private savings and often in part
through government student loans, which are generally interest-free
while the s...
Understanding the OAS “recovery tax” (May 2017)
Older taxpayers who have recently completed and filed their tax
returns for 2016 may face an unpleasant surprise when that return
is assessed. The unpleasant surprise may come in the form of a
notific...
2016-17 Fall Economic Update announced (November 2016)
The budgetary cycle of the federal government follows a regular
schedule. The Budget for the upcoming fiscal year (which runs from
April 1 to March 31) is brought down by the Minister of Finance in
la...
The employee tax perks of working from home (November 2016)
Changes in technology and the Canadian workplace over the past
quarter century have made the option of working from one’s home, at
least on an occasional or part-time basis, almost the norm amon...
Flying south for the winter (November 2016)
Once daily weather reports begin to include wind chill factors or
frost warnings, the thoughts of many Canadian turn to the idea of
spending part of the Canadian winter somewhere much warmer – m...
Finance tightens mortgage lending rules - again (November 2016)
During the financial crisis that took place in 2008 and 2009, the
Canadian mortgage and real estate market didn’t experience the kind
of meltdown which occurred south of the border. That result ...
Determining your Canada Pension Plan entitlement (October 2016)
Canada Pension Plan (CPP) retirement benefits are available to
virtually any Canadian who has participated in the work force and
made contributions to the CPP and for most retirees, that monthly
CPP b...
Planning for year-end charitable donations (October 2016)
The start of fall marks a lot of things, among them a number of
runs, walks, and other similar events held to raise money for a
broad range of Canadian charities. And, in a few months, as the
holiday ...
A few questions about your tax return (October 2016)
At the Canada Revenue Agency (CRA), taxes are a year-round
business. During the spring and early summer, the CRA is busy
processing the millions of individual tax returns filed by
Canadians for the pr...
How to avoid getting caught by a tax scam (July 2016)
For most of the year, taxpayers live quite happily without any
contact with the Canada Revenue Agency (CRA). During and just
following tax filing season, however, such contact is routine – tax
r...
Disputing your 2015 income tax assessment (July 2016)
By the end of June all individual taxpayers have filed their 2015
income tax returns and most will have received a Notice of
Assessment outlining the Canada Revenue Agency’s (CRA’s) conclu...
Changes ahead for the Canada Pension Plan? (July 2016)
There has been much discussion in recent years about whether
Canadians are adequately prepared for retirement and, more
specifically, whether Canadians are saving enough to ensure a
retirement free of...
Summer child care costs – the tax rules have changed (June 2016)
As the end of the school year draws closer, and with it the start
of two months of summer holidays, families who don’t have a
stay-at-home parent (and likely some who do) must start thinking
abo...
Newsletters
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