Tax Savings for Seniors
If you are a senior, you are eligible for several tax credits that should be considered when filing your personal tax return. Use the wisdom that comes with age and take advantage of the benefits. Age Amount Credit If you…
Income Taxed on Seniors
From Retirement to Pensions and Old Age Security There are varying sources of income you may receive in your retirement years. Understanding these sources and how amounts are calculated will help you plan for the related taxes due on this…
Foreign Asset Reporting Requirements
Investments held outside of Canada require additional reporting in your personal as well as corporate tax filings. If at any time in the year, you have invested more than $100,000 outside of Canada that the CRA would consider to be…
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…