Small business hiring credited extended through 2012 (May 2012)
While it didn’t get a lot of attention in the coverage of the
2012-13 federal Budget (brought down at the end of March), one of
the budget announcements was definitely good news for the small
bu...
The high cost of driving—is there tax relief available? (May 2012)
As gas prices across Canada climb past the $1.30/litre mark, and
some predictions are for $1.50/litre (or higher) gas costs by the
summer, consumers are looking for just about any way to reduce
their ...
Fixing a mistake on your tax return … after it’s filed (May 2012)
By now, most Canadian taxpayers (except the self-employed and their
spouses, who have until June 15) will have filed their 2011 income
tax returns. It’s quite often the case that a taxpayer
will...
Understanding the recent changes to Old Age Security (May 2012)
Of all the measures announced in the 2012-13 federal Budget brought
down on March 29, it was the changes to Canada’s Old Age
Security (OAS) system which will likely have the greatest impact on
t...
The tax benefits of working from home (February 2012)
A number of circumstances and developments have come together over
the past few years to make working from a home office—once
almost unheard of—a common fact of business life. First and
fo...
How to handle an Instalment Reminder from the CRA (February 2012)
As if dealing with bills from the recent holiday season and trying
to come up with the funds for an RRSP contribution weren’t
enough, February is also the month in which millions of Canadian
tax...
RRSPs and TFSAs—making the annual choice (February 2012)
It’s that time of year again, when advertisements about the
wisdom of contributing to your registered retirement savings plan
(RRSP) fills the airwaves and Web sites. And, since the
introduction...
Debt reduction offers: too good to be true? (February 2012)
It’s almost impossible not to have heard that the amount of
debt carried by Canadian households is at an all-time
high—reaching, on average, just over 150% of household
income. Carrying so...
Federal corporate tax rates for 2012 (January 2012)
The general federal corporate tax rate and the rate applied to
income from manufacturing and processing will be reduced from
16.50% to 15%, effective January 1, 2012....
Employee holiday gifts and the taxman (December 2011)
The time of year is approaching when many Canadian employees look
forward to something “extra” from their
employer—a Christmas or Hanukkah gift, a year-end bonus, or
an invitation to...
A year-end tax to-do list (December 2011)
For most Canadians, December means holiday celebrations and school
vacations. In the tax world, however, December 31 marks the
deadline by which most tax planning and saving strategies must be
put in ...
Flying south for the winter (November 2011)
Every year, thousands of Canadians escape our winter by traveling
south, usually to the U.S., for a few weeks or months, or even the
whole winter. While recent fluctuations in the value of the
Canadia...
Taking out a reverse mortgage (October 2011)
Just about everyone is familiar with the concept of a mortgage.
Money is borrowed, usually from a bank or other financial
institution, in order to purchase a home. That money (now known as
mortgage pr...
Legal fees—what’s deductible and when? (September 2011)
Very few Canadians escape paying personal legal fees at one time or
another and, depending on the situation, those fees can add up
quickly. Unfortunately, while legal fees incurred in some
circumstanc...
Moving expenses—what’s deductible and when? (June 2011)
While interest rates remain low, an increase in those rates and,
therefore, in the cost of carrying a mortgage is clearly on the
horizon. In addition, changes made by the federal government to
mortgag...
Last minute tax-filing strategies (April 2011)
By the time most Canadians sit down to gather together information
slips and receipts to prepare their 2010 tax return, any
opportunities to minimize tax payable for the year are, for the
most part,...
Pension income splitting (April 2011)
Unlike contributing to an RRSP or a tax-free savings account
(TFSA), the idea of splitting pension income as a tax-planning
strategy doesn’t get a lot of attention in the media.
That’s unf...
Filing on time—and the costs of being late (April 2011)
It may seem like an obvious mistake to avoid, but every year some
taxpayers pay unnecessary (and non-deductible) penalties and
interest for no reason other than that they simply didn’t get
the...
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