Small business hiring credited extended through 2012 (May 2012)
While it didn’t get a lot of attention in the coverage of the
2012-13 federal Budget (brought down at the end of March), one of
the budget announcements was definitely good news for the small
bu...
The high cost of driving—is there tax relief available? (May 2012)
As gas prices across Canada climb past the $1.30/litre mark, and
some predictions are for $1.50/litre (or higher) gas costs by the
summer, consumers are looking for just about any way to reduce
their ...
Fixing a mistake on your tax return … after it’s filed (May 2012)
By now, most Canadian taxpayers (except the self-employed and their
spouses, who have until June 15) will have filed their 2011 income
tax returns. It’s quite often the case that a taxpayer
will...
Understanding the recent changes to Old Age Security (May 2012)
Of all the measures announced in the 2012-13 federal Budget brought
down on March 29, it was the changes to Canada’s Old Age
Security (OAS) system which will likely have the greatest impact on
t...
Taking out a reverse mortgage (October 2011)
Just about everyone is familiar with the concept of a mortgage.
Money is borrowed, usually from a bank or other financial
institution, in order to purchase a home. That money (now known as
mortgage pr...
Calculating your TFSA contribution room for 2011 (September 2011)
Since they became available on January 1, 2009, Tax-free Savings
Accounts (TFSAs) have proven to be extremely popular with
Canadians. TFSAs offer Canadians aged 18 and older an opportunity
to save and...
Legal fees—what’s deductible and when? (September 2011)
Very few Canadians escape paying personal legal fees at one time or
another and, depending on the situation, those fees can add up
quickly. Unfortunately, while legal fees incurred in some
circumstanc...
Responding to a CRA information request (September 2011)
Earlier this year, Canadians filed about 27 million tax returns in
about a three month period between March and June, and the Canada
Revenue Agency (CRA) was required to process and issue a Notice of
...
Post-secondary students and income tax (August 2011)
As summer reaches its midpoint, students who are about to start
their post-secondary education as well as those returning for a
second, third, or fourth year of university or college will be
gearing u...
Home EcoENERGY Retrofit program renewed (August 2011)
In 2007, the federal government introduced the EcoENERGY Retrofit
program, which provided homeowners who made changes to their homes
to make them more energy-efficient with grants of up to $5,000 per
...
Moving expenses—what’s deductible and when? (June 2011)
While interest rates remain low, an increase in those rates and,
therefore, in the cost of carrying a mortgage is clearly on the
horizon. In addition, changes made by the federal government to
mortgag...
Carrying debt into retirement (June 2011)
When Canadians plan for retirement, the focus is usually on
amassing sufficient savings to last them through their retirement
years. However, keeping a handle on expens...
The high cost of driving—is there tax relief available? (May 2011)
As gas prices across Canada look to set new records, the cost of
getting to work (or getting just about anywhere) is likely a topic
of conversation in nearly every home and workplace in Canada.
Consum...
Last minute tax-filing strategies (April 2011)
By the time most Canadians sit down to gather together information
slips and receipts to prepare their 2010 tax return, any
opportunities to minimize tax payable for the year are, for the
most part,...
Pension income splitting (April 2011)
Unlike contributing to an RRSP or a tax-free savings account
(TFSA), the idea of splitting pension income as a tax-planning
strategy doesn’t get a lot of attention in the media.
That’s unf...
Filing on time—and the costs of being late (April 2011)
It may seem like an obvious mistake to avoid, but every year some
taxpayers pay unnecessary (and non-deductible) penalties and
interest for no reason other than that they simply didn’t get
the...
How to deal with an instalment reminder from the CRA (February 2011)
February is the month in which millions of Canadian taxpayers
receive an Instalment Reminder from the Canada Revenue Agency
(CRA). For many of the taxpayers who have received such notices in
the past,...
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