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Principal Residence Tax Reporting
Has your principal residence been sold recently? Principal residence sold this year? In 2016 an administrative change to CRA’s reporting requirements for the sale of a principal residence (PR)...
View ArticleSalary Paid to a Family Member
Do you have salary paid to a family member? On one side, there is the question of the risk involved that the salary may be unreasonable and having the expense being disallowed. On the other side, there...
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Voluntary disclosure
If you owe money to any of the tax authorities because you failed to file a return for one or more years, you can make a voluntary disclosure. You will pay only the tax due plus interest. No penalties...
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Why You Need a Professional Tax Preparer for Your Business – 8 Points to...
Preparing income tax returns as a small business can be challenging. Tax laws change continuously, and keeping up with all of these filing requirements can be daunting for the busy business owner. In...
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Top things families should know about tax benefits, credits and deductions.
There are many benefits, credits, and deductions to help your family with expenses throughout the year and reduce the amount you owe at tax time. Child and family benefits Canada child tax benefit...
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Tax changes to expect when you’re expecting a baby
Expecting a baby? Congratulations! If you have a new baby or expecting a baby, there are plenty of credits and benefits you may be eligible to receive. Important facts Automated Benefits Application –...
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Withholding Information from the CRA
Are you withholding information from the CRA? Will an auditor discover information online about activities that you have failed to report? Withholding information from the CRA If you run your own...
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Employment Insurance Benefits for Self-Employed People
Self-employed Canadians are able to voluntarily access Employment Insurance (EI) special benefits. There are four types of EI special benefits: Maternity benefits (15 weeks maximum) available to...
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Get online mail with the CRA
Online mail with the CRA the fastest way to get your tax correspondence Getting Online mail with the CRA Now, when you file a return using GST/HST NETFILE or certified T2 EFILE software, you can sign...
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Small-Town Subcontractors
CRA Investigates Small-Town Subcontractors CRA audits on construction subcontractors In 2016, CRA auditors reviewed municipal building permits in smaller communities. The auditors were checking for...
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Next Tax Season – How to Keep Your Files Organized
Get organised for the next tax season No one looks forward to the tax season, and it can be especially difficult for small businesses. In order to make the filing of your income tax return as painless...
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Underground Economy 1992 – 2013
Statistics Canada Study on the Underground Economy in Canada, 1992-2013 On June 20, 2016, Statistics Canada released new underground economy estimates for Canada from 1992 to 2013. The Canada Revenue...
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Do you own Foreign Property over $100,000
Corporations that own specified foreign property over $100,000 can now Efile Form T1135 online Did you know? Starting May 16 2016, corporations that own specified foreign property over $100,000 can...
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Online tax payments made easier
How are you processing your online tax payments? Did you know you can use online tax payments to pay your business taxes? It’s faster, easier, and cheaper than mailing a cheque to the Canada Revenue...
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Online Services contributed to an increase in filed returns
The CRA’s new online services have contributed to the increase in the number of returns filed electronically The Government of Canada is committed to making the Canada Revenue Agency (CRA) an agency...
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Unhappy With the Income Tax Bill for Your Small Business?
If your small business tax bill is too high, try the following tips to bring it down in subsequent years. We all want to pay as little income tax as possible without breaking the law. 1. Keep...
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Borrow to Invest
Borrow to Invest in Stocks and Exchange Traded Funds (ETFs) – Outside of an RRSP You should not consider this strategy unless you have owned stocks for at least 2 years. Taxtips.ca recommends this...
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Deciding whether a salary should be paid to a family member
Salaries paid to a family member. When deciding as to whether a salary should be paid to a family member, or more specifically to ones spouse, numerous questions arise. On one side, there is the...
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TFSA v RRSP Calculator
Tax-Free Savings Account (TFSA) vs Registered Retirement Savings Plan (RRSP) calculator TaxTips.ca’s Tax-Free Savings Account (TFSA) vs Registered Retirement Savings Plan (RRSP) calculator will help...
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Buying and selling a property – Your tax obligations
What are your federal tax obligations when buying and selling property in Canada? The Canadian real estate market is active, particularly in some major Canadian cities like Vancouver and Toronto....
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