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TaxTips
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TaxTips.ca - The Facts on Tax
TaxTips.ca - The Facts on Tax

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Changing Your Tax Return

Discovered a missed tax slip? Missed expenses? It's not difficult to change your tax return. #taxreturns

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Don't Pay Unnecessary EI Premiums or CPP Contributions

Not all earnings are insurable or pensionable. How to get a refund - employer or employee. #employees #employers

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Manitoba 2017 Budget - April 11, 2017

Manitoba is phasing out the Tuition Fee Income Tax Rebate and Advance, but will change legislation in order to continue the Children's Arts and Cultural Activity Credit, Fitness Credit, and Education Credit, all of which are dependent on the Federal credits which are eliminated or being eliminated. Some other tax credits are being extended. #mbpoli

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Prince Edward Island 2017 Budget - April 7, 2017

The PEI 2017 Budget announced that the Basic Personal Amount and the Spouse/Equivalent to Spouse Amounts would be increased by 2% for 2017, and that the Education Amount would be preserved for 2017. #peipoli

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Newfoundland and Labrador 2017 Budget - April 6, 2017

There are no new taxes or fees in the NL 2017 Budget. Gas taxes will be reduced. Income Supplement and Seniors' Benefit will be maintained. #nlpoli #seniors

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Buying Canadian Real Estate From a Non-Resident of Canada

When you're buying real estate, or are the agent for the purchaser of real estate, get verification that will stand up in Court that the vendor is a resident in Canada. Otherwise, you may be assessed tax of 25% of the purchase price by Canada Revenue Agency if it turns out that the vendor is a non-resident. A recent BC Supreme Court case is an example of this. #realestate

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Foreign Tax Credit and S. 20(12) Deduction

Sometimes foreign tax withheld from foreign non-business income is not completely recovered by the federal and provincial foreign tax credits. In this case the taxpayer can claim a s. 20(12) deduction, which doesn't seem to be calculated automatically by most income tax software. We've now added an example of the calculation of the foreign tax credits and the s. 20(12) deduction, showing how the calculation must be repeated a few times to optimize the tax reduction. #investors #investing

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TaxTips.ca March Newsletter: Budgets, 2nd homes/cottages, tax credits/deductions and more.
#investors #caregivers #homeowners

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Free Tax Preparation Service - Community Volunteer Income Tax Program

This free tax service is available for those with modest incomes - $30,000 for an individual, $40,000 for a couple (add $2,500 for each dependant), and $35,000 for an individual with a dependant (add $2,500 for each additional dependant), as long as the tax situation is relatively simple. #taxreturn

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Life in the Tax Lane - April 2017 Video

Topics this month: Federal budget, of course, and coming government review of tax strategies by private corporations; Underground economy and how to protect yourself; CRA's new fingerprinting policy and how it could create travel problems for accused (not necessarily convicted) tax evaders.
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