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Two Minute Tax Tips
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How inherited property is taxed in CanadaWhen you inherit something of value, make sure you keep convincing proof of its value. Click here to learn what to do when you inherit assets. |
Minimizing tax when parents give their children moneyWhen parents want to give their kids cash, the tax implications depend on whether the money is considered a gift, or payment. Click here to learn about parental gifts and taxes. |
Special credits and refunds for Low- and Middle- income earnersIf you've been avoiding filing your taxes because of your low income, it may be time to file your old returns. There may be hundreds of dollars waiting for you. Click here to learn about Canadian tax credits. |
Employment Insurance (EI) for FreelancersAt long last, self-employed people will be able to collect EI benefits. But there are important pros and cons to consider before deciding to participate. Click here to learn about Employment Insurance. |
Keeping documents when you file your taxes electronically.There's no escaping paperwork. The documents you absolutely must keep, even if you file online. Click here to learn about keeping documents. |
It pays to know the filing deadline for your Canadian tax returnFile on time even if you can't pay on time. Click here to learn about filing on time and avoiding penalties. |
Finding the accounting method that works for youWhen a new year rolls around, make one more resolution: get a new shoebox. Click here to learn about Shoebox Accounting. |
Five kinds of interest expenses that can lower your taxesForget hockey and doughnuts; paying interest may be our national pastime. At least when tax time rolls around you may be able to use the interest you paid as a tax deduction. Click here to learn about five common kinds of interest you may be able to write off. |
Tax benefits for studentsEven if you never attended a single frat party last year, you may qualify as a student to the Canada Revenue Agency with all the tax credits pertaining thereto. |
Self-employed people can benefit from special tax deductionsSelf-employment isn't just about sleeping on a Monday morning. It can also the road to tax deduction heaven. |
Opening an RRSP account is easyGot an hour? Get an RRSP!Opening an RRSP is no more complicated than getting a bank account. If you've got an hour to spare, you've got time to get on the road to a comfortable retirement. |
Tax credits on charitable donationsThe Case of the $104 Shoebox: group your charitable donations over several years to save on your taxes. |
Getting the maximum tax credits for your medical expensesStrategies that can save you money. |
Paying your spouse as a business expenseIf you run your own business you may be able to achieve significant tax savings by paying family members for all the help they give you. |
Home Buyer's Plan (HBP)The Home Buyer's Plan lets you borrow from your RRSP to make a down payment on your first house. But if you're planning to buy a house soon and you've got less than $20,000 in your RRSP, it's time to do a little fancy footwork. |
When to file your Canadian Tax ReturnWhy does tax season have to come when the sun is shining and there's good stuff on TV? Reasons to always file on time, even if you can't afford to pay now. |