Don’t get penalized for not reporting a sale or change in use When you sell your home, usually you do not have to pay tax on any gain from the sale if you claim the principal residence exemption. However, there…
Accounting for your business and professional income on your personal tax return does have some complexities. However, using a professional accountant to help you navigate the return could be fruitful in the tax savings and provide piece of mind. Here…
If you have an investment account, you are likely to receive investment income. Interest, foreign interest, dividends, foreign income and other income are usually reported on a T slip. Common slips include: T5 – Statement of Investment Income T3 –…
When you earn income from employment, this is generally taxable. It is important to capture your employment income on your personal tax filings. Employment Income Income will be reported on your T4 slips (or T4A for commission employees). This should…
Personal Tax Organizer Download This information is for discussion purposes only and should not be considered professional advice. There is no guarantee or warrant of information on this site and it should be noted that rules and laws change regularly.…
The 2022 tax filing season is now here, and you should be getting ready to file your 2021 personal taxes. Due Dates Generally, your personal tax filings for the 2021 year are due by April 30th, 2022, however since this…
Please note the following important dates are estimates only. Please confirm your deadlines directly with your professional advisor. February 15, 2022 - January payroll remittances due February 28, 2022 - T4 filings due February 28, 2022 - T5 filings due…
Government Extends Loan Forgiveness Repayment Deadline for the CEBA On January 12th, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Mary Ng, Minister of Economic Development, Small Business, International Trade, and Export Promotion, announced…
International tax reorganization will now need to contend with a global minimum tax rate. Globalization and digitalization have facilitated legal tax avoidance by allowing multi-national enterprises (MNE) to shift profits to low or no tax jurisdictions. This has impacted domestic…
With an aging population, more and more Canadians are finding themselves in need of assistance in managing their financial affairs. A power of attorney for property allows a person of your choosing to exercise financial decision making when you are…