Canadian Income Tax

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Canada Revenue Agency: MyAccount

In recent years the Canada Revenue Agency (CRA) has done a lot of work in their online services to make paying income taxes, tracking benefits and refunds, and updating information easier.  The MyAccount service has been around since early 2015 and provides a great portal for taxpayers to access their information in the CRA’s records.  [...]

Tips & Gratuities

Each year our firm receives questions about the tax implications of tips, both as an employee receiving them and an employer running a service business. The hospitality industry in Canada is a multi-billion dollar industry.  From mega hotels to the corner bistro, many Canadians make their living in the service field.  Canada’s culture has long [...]

2016 Canadian and U.S. income tax planning

This is a brief summary of some key considerations and due dates for your 2016 personal income tax filings. Please feel free contact our office to schedule a consultation or ask any questions you may have. CANADIAN TAX CONSIDERATIONS • 2016 Individual income tax filing deadline is Monday, May 1, 2017 -  Canada Revenue Agency [...]

The First Time (but not really) Home Buyers’ Credit

Even though there are warnings galore about the amount of debt taken on by Canadian households, our Provincial and Federal governments seem to think that mortgages aren’t a bad thing and continue to offer a number of incentives available to first time buyers. One of these is the First Time Home Buyers' tax credit offered [...]

Reporting investments held outside Canada – Form T1135

One of Canada’s greatest strengths is its rich multiculturalism. People come to Canada from all over the world looking to make a new home for themselves and their families. Even with successful immigration to Canada, many families maintain foreign bank accounts and/or investments abroad. The Canadian tax laws are written in such a way that [...]

How to truly maximize the Home Buyers Plan with your spouse

The Home Buyers' Plan (HBP) is nothing new in Canada, the basic gist being that RRSP contributions, which generate a tax deduction in the year paid, can be withdrawn later (max $25,000) to purchase a qualifying home in Canada.  There are number of requirements that must be met, including: when the home must be purchased by, how long [...]

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