Spousal Support vs. Child Support
Support If you’re in the process of splitting up with a spouse or common-law partner you’re probably going through a lot of changes right now, and taxes may be the last thing on your mind. However...
View ArticleHow to Register for the GST or HST
It’s easy to register for the GST or HST. Before you pick up the phone, however, be clear on how often you want to file returns (monthly, quarterly or annually) and how often you want to remit (pay)...
View ArticleIt’s not too late to file your taxes!
April 30 may have come and gone, but if you haven’t filed your income taxes there’s still hope. It’s always worthwhile to file as soon as possible, even if you’ve missed the magic date. You may not...
View ArticleThe tale of two brothers, one roof
When two siblings share an inheritance, their best intentions to redistribute the property can backfire and trigger unnecessarily high taxable capital gains. When their mother died, Troy and Karl were...
View ArticleHow much GST or HST should I charge? – GST and HST rates by province
When you are registered to collect GST or HST and make a sale of goods or services to payer in another province, For example, if you are a vendor based in Ontario and registered to collect HST, and you...
View ArticleWhy Do I Owe Income Tax?
It's a terrible experience: you go to your tax preparer with your hopes high, and you get handed an income tax bill. It's even worse when your income has dropped in the past year, or was modest or even...
View ArticleAll About CRA Matching
It’s a little-known fact that when CRA first receives an income tax return and sends the taxpayer a Notice of Assessment, they do little to no review of what is actually in that tax return. Unless your...
View ArticleNo Good Deed Goes Untaxed
Parents want the best for their kids, and that often extends to giving away some of their assets in order to help their adult children get established in life. But while Canadian tax law renders gifts...
View ArticleWhy You Should Register for the GST or HST Even If You Don’t Have To
https://youtu.be/zwvpLIMEVr0 Registering for the GST/HST before you have to can be an advantage We know you probably don't feel like registering for a GST/HST number until you absolutely have to, and...
View ArticleForeign Property Worth Over $100,000 CAD
In the last few years you have probably noticed a question on your Canadian income tax return asking if you owned any foreign property: "Did you own or hold specified foreign property where the total...
View ArticleBusiness Deductions: The Reasonable Expectation of Profit
Business owners, freelancers and self-employed people have many questions about what they can and can't write off for their taxes. This is a potentially endless topic. There are an infinite number of...
View ArticleTurn your tax bill into a refund!
How to avoid owing tax and get a refund instead Q: I work two jobs and I always owe tax at the end of the year. I feel like I'm getting punished for hard work. How do I make it so I get a refund...
View ArticleChoosing the $400 Work-From-Home deduction vs self-employment...
Covid-19 changed everything, including changes to taxes for the 2020 tax year. Now that Canada Revenue Agency (CRA) is offering a small Work-From-Home (WFH) deduction for salaried people, self-employed...
View ArticlePrincipal Residence: House vs Cottage
How to choose and why it matters The Principal Residence Exemption allows Canadian taxpayers to avoid paying capital gains tax on the sale of a principal residence. To be considered the Principal...
View ArticleCommuting costs for self-employed consultants
Q: I am a self-employed consultant and I travel to and from my work via Uber, Lyft or taxi most days. Can I write off the cost of these services as a business expense? If I take my own car, can I write...
View ArticleTaxes for immigrants entering Canada
Question: I am planning to move to Canada next year. What do I need to know about my Canadian tax obligations when I enter? Answer: If you are just entering Canada next year, there’s really nothing you...
View ArticleWhat do the RRSP figures on my Notice of Assessment Mean?
Q: After a few years of low income, I'm finally ready to start contributing to my RRSP again. But looking at my Notice of Assessment I completely forget what the RRSP numbers mean. My notice from last...
View ArticleDo I need T2200S to take the Work-From-Home deduction?
For the 2020 and 2021 tax years, Canadians were allowed a special Work-From-Home credit for time spent working from home during the Covid-19 pandemic. The credit can be calculated two ways: using a...
View ArticleRRSPs: What you should know if your income is low
©iStockphoto/Gramper So it’s RRSP season again, and you’re trying to decide how much (if anything) to contribute this year. This is especially a question if you didn’t end up earning much. Here are the...
View ArticleWhat Are Input Tax Credits (ITCs)?
If you've registered to collect the goods and services or harmonized sales tax (GST-HST) in Canada, you may have come across the term input tax credit or its acronym, ITC, and wondered what it's all...
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