Blog

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.
February 8, 2022

RRSP Deadline March 1 2022

The deadline to contribute to your RRSP for the 2021 year is March 1, 2022. Check your CRA account, previous year’s Notice of Assessment, or ask your tax accountant for more information.
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! https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22900-other-employment-expenses/work-space-home-expenses/how-claim.html
January 26, 2022

Eligible Educator School Supply Tax Credit

Don’t forget about this! New! https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-46800-46900-eligible-educator-school-supply-tax-credit.html
April 14, 2021

Tax Deadline April 30th

The Tax deadline for T1s is April 30th. As of today, April 14th, no extension has been offered by the CRA. Ottawa Tax offers an online Portal for safe document transmission if needed.
April 4, 2021

2020 Tax Deadline

The 2020 Tax deadline is approaching on April 30, 2021. Make sure, you do your taxes properly with CERB income and other government (CRB, CESB, CRSB,CRCB) supports. Penalties ~5% and interest may apply if you file and pay late.
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, […]
February 21, 2018

Preparing for 2017 Income Tax

To prepare for Income Tax, there are basically three themes: Sources of Income. Sources of Deductions (money spent to earn income). Sources of Credits. Make three lists with those titles and you are ready to start! Some things change over time. The New Child Tax Benefit doesn’t pay out as much as the old system did, especially as family income increases. However, it is tax-free (one doesn’t add it to one’s income). Pension income splitting will likely be around for awhile. Family Income Splitting (income splitting when children are present) has been removed by the current government. It may be […]
February 17, 2018

Executor Duties (5 of 5)

25. Obtain clearance certificates from tax authorities. 26. Prepare accounts if they are to be passed by beneficiaries / courts 27. Determine if other duties / taxes are payable. 28. Follow instructions of will, send releases to beneficiaries for signature. 29. After estate settled, make payments to beneficiaries. Make income tax advisements, if any. 30. Close Estate bank account.
February 11, 2018

Executor Duties (4 of 5)

  19. Satisfy specific legacies through sales, auction, etc, of assets 20.Financial: Valuation of assets as basis for the following: probate fee, deemed disposition of capital properties, source of funds for taxable income, cash flow needs, accounting records (if accounting passed), executor’s compensation. 21. Set aside funds or estimated debts, taxes (including capital gains taxes) and executor’s compensation. 22. Arrange for payments of other debts, legacies, etc. These may wait for estate liquidation. 23. Income tax: prepare and file final returns to date of death. Use prior returns as templates. File any missing years. Consider special returns for year of […]