Tax Deductions

/Tax Deductions

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.  [...]

Canada Revenue Agency: MyAccount2017-05-02T15:27:40-05:00

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 [...]

Tips & Gratuities2017-02-17T11:55:20-05:00

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 [...]

2016 Canadian and U.S. income tax planning2017-02-15T15:49:18-05:00

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new in Canada, the basic gist being that RRSP contributions, which generate a tax deduction in the year paid, can be withdrawn later (max $25,000) to purchase a qualifying home in Canada.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 [...]

How to truly maximize the Home Buyers Plan with your spouse2017-02-10T08:50:53-05:00

Tax Deduction for Spousal Support Payments

For starters it’s worth mentioning this discussion focuses on spousal support payments, it does not apply to child support payments which are subject to different rules.  It’s also worth noting if a court order or written agreement has not been formed, the Canada Revenue Agency (CRA) will not grant a tax break on payments made. [...]

Tax Deduction for Spousal Support Payments2016-11-01T14:36:26-05:00