Getting away from it all with the CRA Cottages and cabins in the woods or by the lake are an iconic Canadian getaway. Most owners of recreational property happily deal with maintenance issues for the chance of that glorious sunset, water-skiing, or a dip in the...
Refunds and reassessments Around this time of the year, most taxpayers who filed a tax return in April will be receiving a Notice of Assessment, perhaps with a refund cheque, or what’s worse, a Notice of Reassessment, often with a demand for more tax payment. It’s...
Tax-free investments and withdrawals It’s tax-filing season for most Canadians, and naturally, the advice and tips you get right now involve maximizing your immediate tax savings by making sure you take all the credits, deductions, and amounts you’re entitled to....
They could save you a bundle Even though most of us are preoccupied with other things at this time of year, there is a handful of year-end investment and tax tips that make a lot of sense to look at now. That’s because they could save you money now and next April,...
The ABCs of the ACB Thinking of selling your cottage, cabin, or recreational property? Unless it’s truly your principal residence, the Canada Revenue Agency (CRA) will want its share of any capital gain you make on the sale. It calculates the capital gain as the...
Pay no tax on investments or withdrawals The Canada Revenue Agency (CRA) confirmed that the annual contribution limit for Tax-Free Savings Accounts (TFSA) will remain unchanged at $5,500 for 2018, bringing total contribution room available since the introduction of...
Not everything is, so make sure you claim the correct ones With year-end rapidly approaching, many investors have been going through their financial statements and slips to see what kind of investment or investment-related expenses they’ve paid through the year,...
Act before Dec. 31 to get these tax benefits for 2017 The holiday season is fast approaching. And with the lights and festivities, investors and taxpayers will also have visions of year-end tax planning dancing in their heads. Well, maybe not, but there are...
Don’t delay! They could save you a bundle Even though most of us are preoccupied with other things at this time of year, there is a handful of year-end investment and tax tips that make a lot of sense to look at now. That’s because they could save you money now and...
Why they’re not taxed the same way as GICs As year-end approaches, it’s time to start thinking about the tax implications of distributions from your various investments. This year, the tax consequences of bond mutual funds compared with, say, straight-interest GICs...
Why your tax refund may be a planning mistake When you get a tax refund, it would be nice to think the government is “giving” you something. But that’s not the case. A large tax refund simply means you’ve paid too much tax through the year. You’re just getting your...
It’s available, but forget about calling Still looking to contribute to a Tax-Free Savings Account before the end of the year? If you’re not sure how much contribution room you have available for this year, you’ll have to do some digging. Unlike RRSP contribution...