Another option for retirement income planning (July 2024)
Most Canadians contemplate retirement with a mixture of anticipation and trepidation. While the benefits of an end to the day-to-day grind of work and commuting (while also having more free time to sp...
When the taxman has a few questions about your return (July 2024)
By this time of the year, virtually all Canadian residents have filed their income tax return for 2023 and have received the Notice of Assessment issued by the Canada Revenue Agency (CRA) with respect...
New Quarterly Newsletters (Q2 2024)
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
Making a voluntary disclosure to the tax authorities (June 2024)
The Canadian tax system is a “self-assessing” one, in which taxpayers are expected (and, in most cases, required) to file an individual income tax return each spring. On that return the taxpayer p...
Getting tax help with summer child care costs (June 2024)
As the school year draws to a close, the thoughts of millions of Canadian parents turn to the question of how to find – and pay for – child care throughout the summer months. While many Canadians ...
Claiming a deduction for moving expenses (June 2024)
Each spring and summer, tens of thousands of Canadian families sell their homes and move – sometimes to a bigger and better property in the same town or city, and sometimes to a new city or even ano...
A mid-year check-up on your taxes for 2024 (June 2024)
Many (if not most) taxpayers think of tax planning as a year-end exercise, one to be carried out in the last few weeks of the year, in order to take the steps needed to minimize the tax bill for that ...
Dealing with the OAS clawback (May 2024)
Most retired Canadians receive income from two government-sponsored retirement income programs – the Canada Pension Plan (CPP) and the Old Age Security (OAS) program. While benefits from both are pa...
Disputing your Notice of Assessment (May 2024)
This year, the Canada Revenue Agency (CRA) will receive and process more than 30 million individual income tax returns for the 2023 tax year. No two of those returns will be identical, as each such re...
When you make a mistake on your tax return (May 2024)
For the majority of Canadians, the due date for filing of an individual tax return for the 2023 tax year was Tuesday April 30, 2024. (Self-employed Canadians and their spouses have until Monday June 1...
More help for first time home buyers (May 2024)
As everyone knows, buying one’s first home – achieving that elusive first step on to the “property ladder” – has always presented a challenge, and that challenge has rarely been greater than...
How to know you’re really hearing from the CRA (April 2024)
Most Canadians rarely have reason to interact with the tax authorities, and for most people, that’s the way they like it. In the vast majority of cases, Canadians file their tax returns each spring,...
What to do when you can’t pay your tax bill on time (April 2024)
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 comp...
How, when, and where to pay your taxes for 2023 (April 2024)
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 each and every rule there is an equal number of excep...
Using home equity to generate cash flow (March 2024)
For the past two years, Canadians have had to continually adjust their household budgets to accommodate price increases for nearly all goods and services. The impact of rising prices is felt most by t...
What’s new on the tax return for 2023? (March 2024)
While our tax laws require Canadian residents to complete and file a T1 tax return form each spring, that return form is never exactly the same from year to year. Some of the changes found in each yea...
New Quarterly Newsletters (Q1 2024)
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
How and when to file your 2023 tax return (February 2024)
Each year, the Canada Revenue Agency publishes a statistical summary of the tax filing patterns of Canadians during the previous filing season. The final statistics for 2023 show that the vast majorit...
Taking advantage of pension income splitting (February 2024)
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...
How to respond to a tax instalment notice (February 2024)
Sometime during the month of February, millions of Canadians will receive some unexpected mail from the Canada Revenue Agency (CRA). That mail, entitled simply “Instalment Reminder”, will set out ...
Tax deadlines and limits for the 2024 tax year (January 2024)
Each new tax year brings with it a schedule of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning opportunities. Some of the more significant dates and c...
Getting help from the Taxpayer Relief Program (December 2023)
While most taxpayers pay their annual income tax bill in full and by the tax payment deadline of April 30, there are many circumstances that could result in an individual’s being unable to meet thei...
New Quarterly Newsletters (Q4 2023)
Two quarterly newsletters have been added – one dealing with personal issues, and one dealing with corporate issues....
Tax planning for year-end charitable donations (November 2023)
Canadians have a well-deserved reputation for supporting charitable causes, through donations of both money and goods. Our tax system supports that generosity by providing a tax credit for qualifying ...
New measures to assist at-risk homeowners (November 2023)
The 10-fold increase in interest rates since March of 2022 has affected Canadians in almost every area of their financial lives, as individuals and families struggle to cope with the every-increasing ...
Year-end planning for medical expense claims (October 2023)
While our health care system is currently struggling with a number of significant problems, Canadians are nonetheless fortunate to have a publicly funded health care system, in which most major medica...
New Quarterly Newsletters (Q3 2023)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues....
Making the RRSP decision when you turn 71 (July 2023)
The age at which Canadians retire and begin deriving income from government and private pensions and private retirement savings has become something of a moving target. At one time, reaching one’s 6...
Claiming a deduction for summer child care costs (July 2023)
With the worst days of the pandemic behind us, more and more Canadian families have returned to their usual schedule, with kids back in attendance at school and parents back at work at the office, on ...
New Quarterly Newsletters (Q2 2023)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues....
Making sure your taxes for 2023 are on track (June 2023)
Many, if not most, taxpayers think of tax planning as a year-end exercise to be carried out in the last few weeks of the year, with a view to taking the steps needed to minimize the tax bill for the c...
Upcoming changes to the Canada Pension Plan (June 2023)
Canada’s retirement income system is made up of two public retirement income programs – the Old Age Security program and the Canada Pension Plan – as well as the opportunity to accumulate privat...
Claiming a deduction for moving costs (June 2023)
Sales of residential real estate across Canada are, after a slowdown in 2022, once again on the rise. Back-to-back increases in sales figures during February and March 2023 were followed by a double d...
When and how to dispute your Notice of Assessment (May 2023)
Of the 17 million individual income tax returns for the 2022 tax year filed with the Canada Revenue Agency (CRA) by the middle of April 2023, no two were identical. Each return contained its own parti...
Avoiding (or minimizing) the OAS clawback (April 2023)
There are a number of income sources available to Canadians in retirement. Those who participated in the work force during their adult life will have contributed to the Canada Pension Plan and will be...
What to do when you can’t pay your tax bill (April 2023)
Fortunately for the Canadian taxpayer, most individual income tax returns filed result in the payment of a tax refund to the tax filer. Notwithstanding, a significant number of taxpayers find, on comp...
Some tax filing strategies for the 2022 return (April 2023)
It is an axiom of tax planning that the best year-end tax planning begins on January 1. And while it’s true that opportunities to make a significant dent in one’s tax payable for the year diminish...
New Quarterly Newsletters (Q1 2023)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues....
How and when to file your 2022 tax return (March 2023)
For many years, the Canada Revenue Agency (CRA) has been encouraging Canadian taxpayers to file their returns online, through the CRA’s website. And that message has clearly been heard, as the most ...
What’s new on the tax return for 2022? (March 2023)
The obligation to complete and file a tax return – and to pay any balance of taxes owed – recurs each spring with what probably seems to many taxpayers to be annoying regularity. That said, howeve...
Planning for the new First Home Savings Account (February 2023)
Just about a year ago, in the 2022-23 budget, the federal government announced a number of measures to help Canadians who are trying to put together a down payment for the purchase a first home. The m...
RRSPs and TFSAs - deciding where to contribute (February 2023)
For most taxpayers, the first few months of the year are a seemingly unending series of bills and payment deadlines. During January and February, many Canadians are still trying to pay off the bills f...
How to respond to a tax instalment notice (February 2023)
Sometime during the month of February, millions of Canadians will receive mail from the Canada Revenue Agency. That mail, a “Tax Instalment Reminder”, will set out the amount of instalment payment...
Tax deadlines and limits for the 2023 tax year (January 2023)
Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax saving and planning strategies. Some of the more significant dates and chang...
New Quarterly Newsletters (Q4 2022)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues....
Repaying individual pandemic benefits (December 2022)
The worst of the COVID-19 pandemic which began almost three years ago is now (hopefully) behind us. That doesn’t mean, however, that Canadians aren’t still dealing with the unwelcome consequences ...
Planning for home office expense claims for 2022 (November 2022)
Over the past three years, the structure of work-from-home arrangements for employees has been a constantly changing landscape. In 2020, almost all employees who could work from home were required to ...
A new tool for retirement income planning (November 2022)
The majority of Canadians who are not members of an employer-sponsored defined benefit registered pension plan save for retirement through a registered retirement savings plan (RRSP). For those Canadi...
Year-end planning for medical expense claims (November 2022)
While the current state of the Canadian health care system is not without its problems, Canadians are nonetheless fortunate to have a publicly-funded health care system, in which most major medical ex...
New Quarterly Newsletters (Q3 2022)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues....
New Quarterly Newsletters (Q2 2022)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues....
Year-end planning for your RRSP, RRIF, and TFSA (October 2022)
Most Canadians know that the deadline for making contributions to one’s registered retirement savings plan (RRSP) comes 60 days after the end of the calendar year, around the end of February. There ...
Managing debt in a rising interest rate environment (August 2022)
Since 2009, Canadians have been living (and borrowing) in an ultra-low-interest-rate environment. Between January 2009 and January 2022, the bank rate (from which commercial interest rates are determi...
Claiming a deduction for summer child care costs (July 2022)
As pandemic restrictions ease, the option of sending kids to summer camp is once again a realistic one and, for both kids and parents, the possibility of doing so must be particularly welcome this yea...
Creating cash flow from home equity (July 2022)
If Canadians have the feeling that they are being squeezed from all sides when it comes to household finances, it’s because they are. In 2022 Canadian consumers have been hit by a double whammy of t...
Making sure your taxes for 2022 are on track (June 2022)
Many, if not most, taxpayers think of tax planning as a year-end exercise to be carried out in the last few weeks of the year, with a view to taking the steps needed to minimize the tax bill for the c...
Claiming a deduction for moving expenses (June 2022)
While recent increases in interest rates have put something of a damper on home sales, the Canadian real estate market was booming in the first quarter of 2022. According to Canadian Real Estate Assoc...
Disputing your Notice of Assessment (June 2022)
Of the 27 million individual income tax returns already filed with the Canada Revenue Agency for the 2021 tax year, no two were identical. Each return contained its own particular combination of types...
Rising interest rates and the mortgage stress test (June 2022)
Over the past several years, would-be buyers in the Canadian residential real estate market have been faced with two realities. First, the cost of homes continued to increase significantly in virtuall...
Making home ownership a little more accessible (May 2022)
The difficulties faced by younger Canadians in buying a first home almost anywhere in Canada, owing to both the spiraling cost of real estate and, more recently, increases in interest rates, is a majo...
When you make a mistake on your tax return (May 2022)
For the majority of Canadians, the due date for filing of an individual tax return for the 2021 tax year was Monday May 2, 2022. (Self-employed Canadians and their spouses have until Wednesday June 15...
New Quarterly Newsletters (Q1 2022)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues....
How to not fall victim to a tax scam (April 2022)
It is a sad fact that, every year, thousands of Canadians become the victims of scams in which fraud artists claim to be representatives of the federal government. Equally sadly, in most cases the mon...
What to do when you can’t pay your tax bill on time (April 2022)
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 comp...
How to pay your taxes for 2021 (April 2022)
Our tax system is complex and, understandably, its myriad rules and exceptions are a mystery to most Canadian taxpayers – and most are happy to leave it that way. There is however, one rule in the C...
How and when to file your 2021 tax return (March 2022)
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 last year show that the vast ...
Claiming medical expenses for 2021 (March 2022)
The Canadian tax system provides individual taxpayers with a tax credit for out-of-pocket medical and para-medical expenses incurred during the year. Given that such expenses must be incurred at some ...
What’s new on the return for 2021? (March 2022)
While the requirement that Canadians file an income tax return each year never changes, the actual content of that return is never the same year to year. While many of the changes — like inflation-r...
Figuring out the taxation of pandemic benefits (March 2022)
The list of financial assistance programs that have been provided by the federal government to support individual Canadians through two years of the pandemic is lengthy, detailed, and sometimes confus...
Taking advantage of pension income splitting (February 2022)
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...
RRSPs and TFSAs: making the annual choice (February 2022)
If there is one invariable “rule” of financial and retirement planning of which most Canadians are aware, it is the unquestioned wisdom of making regular contributions to one’s registered retire...
Claiming home office expenses for 2021 (February 2022)
As the pandemic continued past 2020 and through 2021, it is likely that employees who were able to work from home spent at least part of the 2021 tax year doing just that. And, as was the case in 2020...
New Quarterly Newsletters (Q4 2021)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues....
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