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, and...
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 certainly...
How RESPs pay out for post-secondary expenses If you have kids going off to college or university this fall, you’ll be tapping into any savings you’ve made through a Registered Education Savings Plan (RESP). But those payments aren’t treated like a bank account. There...
Unless it’s a principal residence, you’ll pay tax on any gain in value If the likes of Steven Spielberg, Goldie Hawn, Kurt Russell, Tom Hanks, and Bill Murray have been spotted vacationing at summer homes in the exclusive Muskoka lakes region of Ontario, there really...
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...
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....
Income-splitting investment loans to family members High net worth taxpayers in the top income brackets can still cut the tax hit on high-yielding investment returns. Yes, it means becoming a lender, usually to a lower- or no-income spouse, but the tax savings can be...
How to withdraw funds for post-secondary expenses If you have kids going off to college or university this fall, and you’ve accumulated substantial savings in a Registered Education Savings Plan, now’s the time to tap into those funds. But you won’t be able to use the...
Yes, you can object to a CRA reassessment If you have received a Notice of Reassessment for your 2014 return from the Canada Revenue Agency demanding more tax or asking you to start quarterly instalment payments, you may have double trouble with the CRA. Here’s what...
How cottage improvements can save you a bundle in taxes Thinking of selling your cottage? If your cottage or recreational property is not your principal residence – and for most people, it’s not – when you sell it, you’ll pay capital gains tax on any appreciation in...