Get credit where it’s due (deductions too)

June 1 tax-filing deadline

With all the stress of the Covid-19 pandemic lockdown, you might have taken advantage of the one-month extension of the tax-filing deadline to June 1. Payment of any tax owing has been extended to Sept. 1, but you must still file a return by June 1. Those who are self-employed have until June 15 to file. There is unlikely to be any further extension of the deadline, so you’d better make sure you have all your information slips ready ahead of the filing deadline on June 1 (all those documents prefixed with a “T” are critical). And make sure you’ve reviewed the list of deductions and credits you might be entitled to. READ MORE

Be sure to claim all your credits and deductions

Don’t leave money on the table

Are you taking all the tax deductions and tax credits you’re entitled to? If you’re a do-it-yourself-type, you may be missing out on some lucrative tax savings because you’re not claiming everything you should, even if you’re using top-quality tax-preparation software. READ MORE

Investment expenses you can deduct

Sorry, it’s a short list

Tax-filing season is upon us, and at this time of the year I get many questions about the kinds of expenses that investors can deduct. Novice investors, especially, have a kind of starry-eyed idea about deducting everything from their subscription to an investment newsletter to the fee they paid to their tax preparer to interest on money borrowed to invest. Unfortunately, the Canada Revenue Agency (CRA) long ago twigged to this type of thing, and the list of the deductible investment expenses (called “carrying charges” if you want to get technical) has dwindled and become very circumscribed. Here’s a quick review of what’s allowed and what’s not. READ MORE

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 more tax payments along with penalties and interest to boot. But if you think you’re in the right, there is a way to appeal that Notice. READ MORE

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 apply. Here’s a rundown of the most commonly missed credits and deductions. Consult with your tax preparer to see if they apply to you. READ MORE

Investment expenses: deductible or not?

Deductible investment expenses image

Here’s what you can deduct…and what you can’t

Investors have recently been getting more information from their advisors about the fees and charges they pay. This is likely because of new rules imposed on the financial services industry by securities regulators. However, many people are still hazy about which fees are tax-deductible and which are not. Here’s a rundown. READ MORE

Last-minute tax credits and deductions to remember

Lucrative, but often overlooked, tax breaks

There are in fact some 70 personal tax deductions and credits available. Not all apply to everyone. And many are often overlooked, even if they do apply. Note that a “tax deduction” reduces your taxable income for the year. For example, a common tax deduction for Canadians is an RRSP contribution. Small business owners, those who are self-employed, or those who have a business on the side may also deduct business expenses. Here’s a sampling of some of the most often overlooked tax credits and deductions. READ MORE

Your guide to great tax-saving credits and deductions

A crop of lucrative tax breaks ripe for the picking

Every year around this time, I get lots of questions about what kind of tax deductions and credits are available to help you cut your tax bill. So here’s a summary of the more popular tax breaks, along with some new ones introduced for the 2014 tax year. READ MORE

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, remember, but that’s another story!), and they had to shut down for a couple of days. But you can bet that the permanently frazzled, the organizationally challenged, and the downright forgetful will still miss even the extended deadline this year. My advice: Don’t! READ MORE

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 ($11,038 for 2013), there’s a host of lesser-known, but potentially very lucrative, tax deductions and credits you may be able to use to cut your tax bill. Here’s a quick primer to help you get started. READ MORE