Archive for the ‘Individuals’ Category

CPA Canada Federal Budget Commentary

Wednesday, February 28th, 2018

The Federal Government’s 2018 Budget touts Canada’s strong economic growth over the past two years, including real GDP growth of 3.2 per cent since the second quarter of 2016, an unemployment rate of 5.9 per cent, and significant improvements in average weekly earnings, consumer confidence, and household consumption. The Finance Minister expects similar growth in the near-term. In addition, federal revenues increased by more than 11 per cent in 2017, largely from personal and corporate income taxes.

Further details are summarized here Federal Budget Commentary


The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.

Posted: Wednesday, February 28th, 2018 | Categories: Businesses, Individuals.


Changes coming to the Voluntary Disclosure Program

Wednesday, February 21st, 2018

Although it’s doubtful that anyone does so with any great degree of enthusiasm, each spring millions of Canadians sit down to complete their annual tax return for the previous calendar year or, more often, they pay someone else to do it for them. Although the rate of compliance among Canadian taxpayers is very high — for the last filing season, just under 30 million individual income tax returns were filed with the Canada Revenue Agency (CRA) — there are, inevitably, those who do not.

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Posted: Wednesday, February 21st, 2018 | Categories: Businesses, Individuals, Tax Alerts.


Tax deadlines and limits for the 2018 tax year

Friday, January 12th, 2018

Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax planning strategies. Some of the more significant dates and changes for individual taxpayers for 2018 are listed below. (more…)

Posted: Friday, January 12th, 2018 | Categories: Individuals, Tax Alerts.


Year-end planning for RRSPs and TFSAs

Tuesday, December 19th, 2017

For most Canadians, registered retirement savings plans (RRSPs) don’t become top of mind until near the end of February, as the annual contribution deadline approaches. When it comes to tax-free savings accounts (TFSAs), most Canadians are aware that there is no contribution deadline for such plans, so that contributions can be made at any time. Consequently, neither RRSPs nor TFSAs tend to be a priority when it comes to year-end tax planning. (more…)

Posted: Tuesday, December 19th, 2017 | Categories: Individuals.


Year-end tax planning – some steps to take before December 31st

Tuesday, December 5th, 2017

As the 2017 calendar year winds down, the window of opportunity to take steps to reduce one’s tax bill for the 2017 tax year is closing. As a general rule, tax planning or tax saving strategies must be undertaken and completed by December 31st, in order to make a difference to one’s tax liability for 2017. (For individual taxpayers, the only significant exception to that rule is registered retirement savings plan contributions. Such contributions can be made any time up to and including March 1, 2018, and claimed on the return for 2017.) (more…)

Posted: Tuesday, December 5th, 2017 | Categories: Businesses, Individuals.


Managing your tax affairs online

Friday, November 24th, 2017

Just about any financial or investment transaction can now be carried out online, and many Canadians conduct most or all of their financial affairs in an online environment, whether through their financial institution’s web-based banking and investment services or by using mobile apps. The shift to managing one’s financial matters online has extended to dealing with income tax matters, and that’s a trend which has been both aided and encouraged by the Canada Revenue Agency (CRA). (more…)

Posted: Friday, November 24th, 2017 | Categories: Businesses, Individuals.


Flying south for the winter

Friday, November 10th, 2017

As the days shorten and temperatures drop into the single digits, the thoughts of many Canadians turn to the idea of spending at least some part of the upcoming Canadian winter somewhere much warmer — most often, in one of the southern US states. And, while the less than robust state of the Canadian dollar relative to US currency has required Canadians to downsize some of those plans, it is still the case that thousands of Canadian “snowbirds” fly south during the worst of the Canadian winter. (more…)

Posted: Friday, November 10th, 2017 | Categories: Individuals.


Deciding when to start receiving Old Age Security benefits

Tuesday, October 31st, 2017

The baby boom generation, which is now in or near retirement, has always been able to factor receiving Old Age Security benefits, once they turn 65, into their retirement income plans. While receipt of such benefits can be still be assumed by the vast majority of Canadian retirees, the age at which such income will commence is no longer a fixed number. Rather, retirees are now faced with a choice about when they want those benefits to start. For the past four years, Canadians have had the option of deferring receipt of their Old Age Security benefits, for months or for years past the age of 65, and that election to defer continues to be available. The difficulty that can arise is how to determine, on an individual basis, whether it makes sense to defer receipt of OAS benefits and, if so, for how long. It’s a consequential choice and decision, since any election made to defer is irrevocable. (more…)

Posted: Tuesday, October 31st, 2017 | Categories: Individuals.


When you owe money to the Canada Revenue Agency

Friday, September 15th, 2017

The Canada Revenue Agency (CRA) doesn’t publish information or statistics on the number of individual taxpayers who owe it money in the form of back taxes, interest, or penalties. Nonetheless, it’s a safe assumption that some percentage of the 28 million or so Canadians who filed a tax return this past spring either couldn’t pay their 2016 taxes when due or still owe money from past years, or both. Being unable to pay one’s bills on time and as due obviously isn’t desirable, no matter who the creditor is. There are, however, a number of reasons why owing money to the tax authorities is a particularly bad idea.

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Posted: Friday, September 15th, 2017 | Categories: Individuals.


The CRA’s post-assessment review process

Friday, August 25th, 2017

While Canadians typically think of taxes only in the spring when the annual return must be filed, taxes are a year-round business for the Canada Revenue Agency (CRA). (more…)

Posted: Friday, August 25th, 2017 | Categories: Individuals.


Getting a mortgage now – what’s a “stress test”?

Friday, August 11th, 2017

The Bank of Canada’s recent decision to raise interest rates generated a lot of media attention, for the most part because while the increase itself was only one quarter of a percentage point, it was the first move made by the Bank of Canada to increase rates in the past seven years. (more…)

Posted: Friday, August 11th, 2017 | Categories: Individuals.


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