February 24, 2024

2023 Taxes

Do you need help with 2023 taxes? Do you have an underused house? Medical tax issues? Estate tax issues? I can help with all of those. There are new Bare Trust registration requirements; if there are differences between who is the legal owner, and who is the beneficial owner (i.e. parents holding title for a house for their children) this must be reported. Make sure your taxes are filed properly. Contact a tax accountant today!
March 10, 2023

2022 Taxes

Do you have an underused house? Medical tax issues? Estate tax issues? I can help with all of those.
April 4, 2022

Check CRA Autofill

Make sure to check CRA’s Autofill for your tax return! I have seen many clients miss tax slips from Autofill. RRSP slips are usually late because the RRSP ends so late. T4As for seniors are missing this year, or have errors. Two out of three T3s show up. Even a T4 was missing. Make sure you check every slip this year.
April 4, 2022

Capital Gains Offset by Capital Losses

Are you using your Capital Losses properly to offset Capital Gains? Many taxpayers have not used Capital Losses from previous years properly. Contact your tax accountant today.
April 3, 2022

CERB letters

The government of Canada sent CERB payments to over eight million Canadians. Many of those may have received more CERB (Canada Emergency Relief Benefit) than they were entitled to. The government will be mailing out more than 1 million letters to Canadians reviewing their CERB eligibility. If you have any questions, contact
February 12, 2022

Back Up Your Tax Expenses!

If you make claims in your taxes, you’d better back them up. Most claims in taxes require invoices and receipts as backup. Jamie Golombek of the Financial Post had to spend over an hour getting backup (receipts / invoices / evidence) of his home office claims after a CRA audit. Read his Feb 10 article.
February 9, 2022

Pool Donation Credits and Save Tax

If you pool donations credits between you and your spouse, you can increase tax credits for the family by $28.
January 26, 2022

Home Office Expenses Credit

You can claim a Home Office Expense Credit for 2021. Details here. Talk to your tax accountant as needed!
January 26, 2022

Eligible Educator School Supply Tax Credit

Don’t forget about this! New!
January 13, 2021

Taxation of Government Support

This is a short reminder that government support payments are often taxable. Some of the payments send out had no tax deductions, so if you received cash, put some aside for taxes. For the CERB, How much to put aside? As it was at a low-income level, use the lowest rate at 20.5% (federal rate at 15% and provincial 5.05%). So the rule of thumb is put aside 20% of CERB. The CRA-administered CRB, CRSB and CRCB all have 10% withheld at source (they deduct 10% for taxes just like you were an employee).   So, put aside 10% of CRB, […]