Looking ahead to 2020

Planning for – or even thinking about – 2020 taxes when it’s not even December 2019 may seem more than a little premature. However, most Canadians will start paying their taxes for 2020 with the first paycheque they receive in January, and it’s worth taking a bit of time to make sure that things start off – and stay – on the right foot.

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Posted: Wednesday, November 20th, 2019 | Categories: Tax Alerts.

 


Planning for year-end charitable donations

The start of fall marks a lot of things, among them a number of runs, walks and other similar events held to raise money for a broad range of Canadian charities. And, within the next month, as the holiday season approaches, charities will launch their year-end marketing campaigns.

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Posted: Sunday, November 10th, 2019 | Categories: Tax Alerts.

 


Taking stock of your TFSA

Tax-free savings accounts (TFSAs) have been around for a full decade now, having been introduced in 2009, and for most Canadians, a TFSA (along with a registered retirement savings plan (RRSP)) is now a regular part of their financial and tax planning.

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Posted: Sunday, October 20th, 2019 | Categories: Tax Alerts.

 


When are legal fees deductible

In most cases, the need to seek out and obtain legal services (and to pay for them) is associated with life’s more unwelcome occurrences and experiences — a divorce, a dispute over a family estate, or a job loss. About the only thing that mitigates the pain of paying legal fees (apart, hopefully, from a successful resolution of the problem that created the need for legal advice) would be being able to claim a tax credit or deduction for the fees paid.

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Posted: Thursday, October 10th, 2019 | Categories: Tax Alerts.

 


Coming clean with the tax authorities – the Voluntary Disclosure Program

The Canadian tax system is a “self-assessing system” which relies heavily on the voluntary co-operation of taxpayers. Canadians are expected (in fact, in most cases, required), to complete and file a tax return each spring, reporting income from all sources, calculating the amount of tax owed, and remitting that amount to the federal government by a specified deadline. 

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Posted: Wednesday, September 25th, 2019 | Categories: Tax Alerts.

 


Getting a tax assist for post-secondary education costs

As the summer starts to wind down, both students returning to their colleges and universities and those just starting their post-secondary education must focus on the details of the upcoming school year – finding a place to live, choosing courses, and perhaps most important, arranging payment of tuition and other education-related bills.

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Posted: Friday, August 30th, 2019 | Categories: Tax Alerts.

 


Claiming the Canada Child Benefit

Raising children is expensive and, in recognition of that fact, the federal government has, for more than half a century, provided financial assistance to parents to help with those costs. That assistance has ranged from monthly Family Allowance payments received by families during the 1960s to its current iteration, the Canada Child Benefit.

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Posted: Thursday, August 15th, 2019 | Categories: Tax Alerts.

 


Claiming a deduction for moving expenses

The most recent estimate issued by the Canadian Real Estate Association (CREA) is that close to half a million homes will be sold in Canada during 2019. Since that number doesn’t include moves from one rental accommodation to another, or the twice-a-year post-secondary student migration from home to school (and back again), it’s safe to say that well over a half a million Canadians and Canadian families will be faced with the need to plan, organize and pay for some kind of move at least once this year.

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Posted: Tuesday, July 30th, 2019 | Categories: Tax Alerts.

 


A mid-year check up on your taxes

Most Canadians have now filed their individual income tax return for the 2018 tax year and received a Notice of Assessment outlining their tax position for that year. Those who receive a refund will celebrate that fact or, less happily, those who receive a tax bill will pay up the tax amount owed. 

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Posted: Sunday, June 30th, 2019 | Categories: Tax Alerts.

 


Getting relief from the high cost of driving

As every Canadian driver knows, gas prices seem to rise every spring, seemingly in lockstep with the warmer weather. This year, that annual trend has been given an extra push by the implementation of federal and provincial carbon taxes. As of the end of April, gas prices ranged from $1.19 to $1.56 per litre, depending on the province, and most forecasts call for those prices to increase over the summer.

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Posted: Friday, May 24th, 2019 | Categories: Tax Alerts.

 


Fixing a mistake in your (already filed) tax return

For the majority of Canadians, the due date for filing of an individual tax return for the 2018 tax year was Tuesday April 30, 2019. (Self-employed Canadians and their spouses have until Monday June 17, 2019 to get their return filed.) 

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Posted: Friday, May 10th, 2019 | Categories: Tax Alerts.

 


What to do when you can’t pay your tax bill

Most taxpayers sit down to do their annual tax return, or wait to hear from their tax return preparer, with some degree of trepidation. In most cases taxpayers don’t know, until their return is completed, what the “bottom line” will be, and it’s usually a case of hoping for the best and fearing the worst.

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Posted: Thursday, April 25th, 2019 | Categories: Tax Alerts.

 


CPA CANADA FEDERAL BUDGET COMMENTARY

Finance Minister Bill Morneau’s message with Budget 2019 is that, thanks to the Federal Government’s investments over the past three years, things are going well — especially for the middle class: more Canadians have full-time jobs, unemployment is at historic lows, wages are growing, consumers and businesses are confident, economic growth is good, and our debt is manageable.

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, March 20th, 2019 | Categories: Uncategorized.

 


It’s tax filing – and tax scam – season (March 2019)

For many years now, there has been a persistent tax scam operating in Canada in which Canadians are contacted, usually by phone, by someone who falsely identifies himself or herself as being a representative of the Canada Revenue Agency (CRA). 

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Posted: Monday, March 18th, 2019 | Categories: Tax Alerts.

 


When and how to file this year’s tax return

Each year, the Canada Revenue Agency (CRA) publishes a statistical summary of the tax filing patterns of Canadians during the previous filing season. Those statistics for the 2018 show that the vast majority of Canadian individual income tax returns — nearly 87%, or almost 26 million returns — were filed online, using one or the other of the CRA’s web-based filing methods. 

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Posted: Monday, March 11th, 2019 | Categories: Tax Alerts.

 


What’s new on this year’s tax return?

While Canadian taxpayers must prepare and file the same form – the T1 Income Tax and Benefit Return – every spring, that return form is never the same from one year to the next. The one constant in tax is change, and every year taxpayers sit down to face a different tax return form than they dealt with the previous year.

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Posted: Monday, March 4th, 2019 | Categories: Tax Alerts.

 


Responding to a tax instalment reminder from the CRA

Sometime during the month of February, millions of Canadians will receive mail from the Canada Revenue Agency (CRA). That mail, a “Tax Instalment Reminder”, will set out the amount of instalment payments of income tax to be paid by the recipient taxpayer by March 15 and June 17 of this year.

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Posted: Monday, February 25th, 2019 | Categories: Tax Alerts.

 


RRSPs and TFSAs — making the annual contribution

For most taxpayers, the annual deadline for making an RRSP contribution comes at a very inconvenient time. At the end of February, many Canadians are still trying to pay off the bills from holiday spending, the first income tax instalment payment is due two weeks later on March 15 and the need to pay any tax balance for the year just ended comes just 6 weeks after that, on April 30. And, while the best advice on how to avoid such a cash flow crunch is to make RRSP contributions on a regular basis throughout the year, that’s more of a goal than a reality for the majority of Canadians.

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Posted: Monday, February 11th, 2019 | Categories: Tax Alerts.

 


Apprenticeship training tax credit eliminated

The province of Ontario provided employers who hired and trained eligible apprentices in designated construction, industrial and motive power, and certain service trades with a refundable tax credit, the Apprenticeship Training Tax Credit (ATTC). The maximum such credit was $5,000 per qualified apprentice per year for the first 36 months of an apprenticeship program.

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Posted: Sunday, January 20th, 2019 | Categories: Tax Alerts.

 


Tax deadlines and limits for the 2019 tax year

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 2019 are listed below.

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Posted: Friday, January 11th, 2019 | Categories: Tax Alerts.

 


Owner/Managers: Are You Ready for the Tax Changes?

Right around this time a year ago, we received the somewhat unexpected private company income tax proposals from our Federal Finance Department.  While they had hinted that these changes were coming, the form of these changes was a big surprise to many private company business owners and tax practitioners.  After significant public feed back was received, the new tax rules are now in place with the income splitting rules already in effect as of January 1, 2018.  The passive income rules will take effect for tax years that start after 2018.  The question is, now that we are at the midpoint of 2018 are you prepared for these changes? Read More »

Posted: Friday, July 20th, 2018 | Categories: Commentary.

 


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