There’s still time to save on 2021 taxes There’s still time before year-end to make a a few tax and investment moves that could save you tax for 2021. But you have to act before Dec. 31 to take full advantage. Year-end payments There are a number of payments you...
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...
These tax and investment tips could save you a bundle Year-end is fast approaching, and with the holiday season getting into full swing, you probably won’t want to think about investments and taxes. Still, there are a few tax and investment moves you could make...
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....
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...
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...
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...
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...
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...
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...