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…
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 –…
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…
Global Minimum Tax Set at 15% Targets Digital Companies
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…
Caregiver Credit
Caring for someone with a physical or mental impairment who is dependent on you is challenging. The caregiver credit provides some support if you find yourself in this situation. Who Can Make the Claim? This claim is for individuals who…
Spousal and Child Support
Separation and divorce is a challenging process and can be convoluted when it involves costs for child and spousal support. Understanding the tax treatment of how funds are distributed may have an impact on your decisions. Qualified Support Payments A…
First Time Homebuyers Credit
Buying your first home is an exciting milestone. While some of the financial aspects could be daunting, there is a simple credit that should be considered when filing your personal tax this year. Qualifying for the Credit The following conditions…
Donations and Tax Credits
“There are those… who enter the world in such poverty that they are deprived of both the means and the motivation to improve their lot. Unless these unfortunates can be touched with the spark which ignites the spirit of individual…
University and College Students Get Tax Breaks
Going to University or College – or sending your kids there is expensive. To make this more affordable, consider some of these tax breaks to reduce the taxes that you may owe. Even if this credit is not of value…
Taxing Relationships
Relationships are important to consider when you plan for taxes and your accountant is a great source for relationship advice. Relationships will determine how transactions are interpreted by the tax authorities and determine how tax accounts must be shares and…