Leaving Canada? Avoid Paying Income Tax Twice

Canadian Resident or Not? If you are moving from Canada to another country for work purposes, how do you avoid paying income taxes to the Canada Revenue Agency (CRA) as well as to your new country of residence? The most important action to take is to make sure that you… Read More

Optimizing the Tax Benefits of RRSP and TFSA Contributions

It’s early in 2020, and a lot of people are starting to ask themselves what they need to do about RRSP contributions before the March 2nd deadline. While many people may use this 60-day period deadline at the start of the new year to consider this decision, the sooner you… Read More

Accelerated Investment Incentive

If your business plans to invest in tangible and intangible capital property by December 2027, the new draft legislation put forth by the federal government regarding the Accelerated Investment Incentive (AccII) may be of interest to you. The new legislation proposes to provide businesses with the opportunity to accelerate the… Read More

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Moving Expenses Tax Deduction

Many Canadians are currently in the process of moving and may not be utilizing a tax deduction allowed for by the Canada Revenue Agency (CRA). This blog will be outlining the Moving Expense deduction, the methods for calculating it and the expenses that are deductible. There are three different scenarios… Read More

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Travel Costs claimed as Medical Expense Tax Credit

In an effort to assist Canadian residents who have to travel for medical care the Government allows the costs of travel to be claimed as a medical expense tax credit on personal tax returns. In order to claim travel CRA medical expenses the following three conditions must all be met:… Read More

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Childcare Access and Relief from Expenses (CARE) Tax Credit

In an effort to reduce the burden of rising childcare costs in Ontario, the provincial government has introduced a new tax credit for eligible childcare expenses titled the Childcare Access and Relief from Expenses (CARE) tax credit. This new credit can be used in conjunction with the existing federal and… Read More

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To lease or buy your next car?

I dare say one of the most common questions we address is whether to lease or buy a new vehicle and the question usually comes from a place wanting to save the most in taxes.  First and foremost, taxes should not be the only factor considered in this decision,… Read More

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Contractors look out!

It is no secret cash is king when it comes to working with contractors. Whether it’s at the customer’s request or the contractor’s, cash if often the preferred method of payment due to the perceived benefits. Customers typically want to save the 13% HST and contractors often want to avoid… Read More

Canada Revenue Agency: Introduction to CRA 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 CRA MyAccount service has been around since early 2015 and provides a great portal for taxpayers to access… Read More

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… Read More