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Personal income tax and benefit amounts
2016 Indexation adjustment for personal income tax and benefit amounts Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as...
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Your tax and benefit information
Get answers about your tax and benefit information online at the CRA – it’s easy and quick Did you know? If you have a question about your income tax or the benefits you are currently receiving, you...
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Cash flow problems for small business’
Are Hidden Costs Decimating Your Bottom Line? As a small business owner, you work tirelessly every day to keep your business afloat and, hopefully, see it grow. You seem to be making headway –...
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Number 1 problem new small business – Taxes
The #1 Problem New Small Business Owners Keep Making Starting a small business is not only an incredible accomplishment, but also the start of a journey with great responsibility. As most successful...
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Small Business with Cash flow problems?
3.5 Fixes To The Cash Flow Problems Killing Your Business When your small business suffers from cash flow problems, you risk having your financial problems spin out of control. You may miss payments to...
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Capital Losses
Capital losses and deductions You can use your 2015 capital losses to reduce your current year’s income taxes by applying such losses against your 2015 capital gains. You must however be careful of the...
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Capital Gains Exemption Deduction
Whats new for the capital gains exemption deduction The lifetime capital gains exemption deduction, if you dispose of shares in a qualified small business corporation, is $813,600, or $1,000,000 for a...
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Tax Deductions & Credits
The difference between tax deductions & credits and whats eligible. Although there’s a substantial difference between a tax credit and a tax deduction, it’s easy to get the two confused. A tax...
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Update from the 2016 Federal Budget
On Tuesday March 22, 2016 the Liberal Government announced their federal budget 2016. There are changes for individuals and businesses that you should be aware of. We have included for your information...
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Audit of the Political activities for charities
Canada Revnue Agency announces winding down of the political activities audit program for charities The Honourable Diane Lebouthillier, P.C., M.P., Minister of National Revenue, today announced the...
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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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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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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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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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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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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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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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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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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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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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