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Oops! The CRA wants more – now what do you do?

You can fight with a Notice of Objection Taxpayers start getting tax refunds from the Canada Revenue Agency in April and May. That may be a cause for celebration. But if you get a Notice of Re-assessment, it can contain a nasty surprise, complete with demands for...

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Don’t overlook these deductions and credits!

They could help cut your tax bill Tax-filing season is here, and the deadline for filing your tax return is April 30. There are in fact some 94 personal tax deductions and credits available. Not all apply to everyone. And many are often overlooked, even if they do...

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Why you need to file your tax return by May 5

Being frazzled, forgetful, and chronically chaotic is no excuse Sure, the government has given us an extra five days, until May 5, to procrastinate on filing our tax returns. That’s because their computer system was hacked (this is the Canadian government,...

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Give yourself some credit

And some tax deductions too! Yes, I know, no one wants to think about taxes. But tax-filing deadline is April 30, and now is a great time to make sure you’re taking advantage of every single tax break you can get. Besides the exemption for the basic personal amount...

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Claiming a loss on worthless shares

I’m often asked by clients what to do with shares of bankrupt, insolvent, or wound-up companies that are no longer traded on the stock market. For obvious reasons, taking a capital loss on the shares makes sense, especially if there are capital gains elsewhere that...

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CRA demands tax in instalments

Q – Last week you answered a question about fighting a Notice of Assessment from the Canada Revenue Agency. My question relates to another comment made on my Notice regarding instalment payments. I have a business on the side, apart from my regular employment, and...