File On Time Even If You Can’t Pay Now
Why does tax season have to come when the sun is shining and there's good stuff on TV? Reasons to always file on time, even if you can't afford to pay now. The post File On Time Even If You Can’t Pay...
View ArticleDon’t despair if you’ve fallen years behind on your tax filing
It starts with missing one year. Tax time rolls around and you’re going through some things so you put it off or it slips your mind. Second year – it happens again. It starts to bother you, but life is...
View ArticleCapital Gain On A Principal Residence That Becomes A Rental
As you may know, you don't pay tax in Canada on the sale of your principal residence. But what if the property was your principal residence, but was an investment property by the time you sold it? Q: I...
View ArticleFalling Behind In Your Taxes Doesn’t Make You A Bad Person
Here at Personal Tax Advisors, we serve a lot of new clients who come to us having fallen several years behind on their income tax filing. Helping people clear away years of unfiled taxes is incredibly...
View ArticleWhy Good People File Taxes Late
You may be feeling guilty or ashamed about filing late returns going back a few years, but there’s probably a good reason you fell behind. Why Do People File Late? It starts with the first one... For...
View ArticleCan a paid companion qualify as Attendant Care?
Q: My 87-year-old mom lives in a long term care home in Ottawa. I hired a wonderful woman as a companion to her, to supplement my weekly visits. Would her fees be tax deductible as Attendant Care? A:...
View ArticleCan a joint tenant use the home buyer’s plan or the first home savings account?
Can a joint-tenant qualify as a first-time homebuyer? Q: I'm a joint tenant in my current home, and I'm ready to buy my own place. Can I use the Home Buyers' Plan (HBP) or the Tax-Free First Home...
View ArticleGoing back to school? Use this trick for tax savings.
Plan ahead to get a tax bonus using the money you've saved for tuition The Canada Revenue Agency encourages continuing your education via the Lifelong Learning Plan, or LLP. Under this program you may...
View ArticleShould you take out an RRSP loan?
Contributing to your RRSP is a great thing, but an RRSP loan isn't always the best way to do it. Around this time of year you’ll start seeing banks promoting the idea of RRSP loans, where you borrow...
View ArticleFile On Time Even If You Can’t Pay
As we approach one of the biggest tax filing days of the year* and tension rises, it’s time to remind everyone of one important thing: Even if you can’t afford your tax bill, you really, really, really...
View Article