Tax Free Money
Receive Funds Without Having to Pay Tax While generally you need to consider the tax implications when you received funds, here are some areas where funds can be considered tax free. These are a few gems still available to the…
Principal Residence Exemption
Selling your home should be a tax free occurrence, however there are certain reporting criteria that need to be met. Disclosure Required New rules effective for the 2016 and later tax filing year require disclosure of the sale of your…
Changes to the Principal Residence Exemption
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…
Business and Professional Income
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…
Investment Income
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 –…
How Earnings Are Taxed – Tax on Employment Income
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
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…
Time to File Your 2021 Personal Tax Return
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…
Important Dates
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…
What the CRA Said
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…