Spousal Support vs. Child Support

Support

If you’re in the process of splitting up with a spouse or common-law partner you’re probably going through a lot of changes right now, and taxes may be the last thing on your mind. However before you settle the details of your support agreement, take a moment to familiarize yourself with the tax implications.
The […]

By |March 30th, 2017|Two Minute Tax Tips|Comments Off on Spousal Support vs. Child Support|

What to Do When You Get a CRA Letter – Part 1

Most letters from the Canada Revenue Agency look bad, but are in fact simple to deal with. An extremely common kind of CRA letter is the Request to File, which can be handled in a fairly straightforward way. The worst thing to do is to ignore a letter from CRA – it could cost […]

By |March 12th, 2017|Two Minute Tax Tips, Videos|Comments Off on What to Do When You Get a CRA Letter – Part 1|

Rental Income, Tax, and Profit

Maybe you’ve got an extra room in your home that you’re renting out for a relief on the bills. Or maybe you’ve just moved in with your significant other, and you’re renting out your bachelor pad before selling it. But beware: if there’s still a mortgage on the property, you may think you don’t […]

By |March 5th, 2017|Two Minute Tax Tips|Comments Off on Rental Income, Tax, and Profit|

Psst! You may be able to file late without a penalty!

Everybody has off days, and sometimes that means not filing your taxes when you should. If those late returns are keeping you awake at night, the Voluntary Disclosure Program can help.

By following some simple steps and filing your returns under the Voluntary Disclosure Program (VDP) you can reduce – or even eliminate – your late […]

By |February 21st, 2017|Two Minute Tax Tips, Videos|Comments Off on Psst! You may be able to file late without a penalty!|

Should you take out an RRSP loan?

Contributing to your RRSP is a great thing, but an RRSP loan isn’t always the best way to do it.
Around this time of year you’ll start seeing banks promoting the idea of RRSP loans, where you borrow money to make an RRSP contribution. If you have no cash available, and if an RRSP contribution […]

By |February 6th, 2017|Tax Education, Two Minute Tax Tips|Comments Off on Should you take out an RRSP loan?|

Don’t contribute to your RRSP until you read this!

Contributing to an RRSP is always a great move, right?

Not so fast.

RRSPs reduce your taxes by sheltering income from tax when you contribute. You will pay the income tax later when you withdraw the funds, which is ideally when they’ve had a few years to grow (tax-free), and when you’re in a lower tax […]

By |January 13th, 2017|Tax Education, Two Minute Tax Tips|Comments Off on Don’t contribute to your RRSP until you read this!|

CPP Pensionable Earnings vs. Grants

Are you getting the most out of your Canada Pension Plan (CPP)? Make sure your grants and/or fellowships are reported properly to ensure that you get what you’re entitled to.
Grants and fellowships need to be reported the right way on your tax return in order to be eligible for Canada Pension Plan (CPP) premiums […]

By |January 5th, 2017|Two Minute Tax Tips|Comments Off on CPP Pensionable Earnings vs. Grants|

All About ‘Other Income’

Definition of ‘Other Income’
‘Other Income’ is taxable income that has not been or should not be reported anywhere else on the return.
Source: CRA website.

How you choose to declare income can have short-term and long-term effects.
Line 104 and Line 130 on your Canadian Income Tax Return are usually intended for ‘Other Income’ – one-off income amounts […]

By |January 3rd, 2017|Tax Education|Comments Off on All About ‘Other Income’|

How Do I Pay If I Owe Income Tax in Canada?

You can pay your taxes, in whole or in part, when you file your return, or you can wait until after you receive your Notice of Assessment.
Payment On Filing – via Online Banking*
If you want to pay when you file your return, you can do so through online banking. Set up the Canada Revenue […]

By |May 3rd, 2016|Two Minute Tax Tips|Comments Off on How Do I Pay If I Owe Income Tax in Canada?|

Income from an Internship

Q: I’m an aspiring journalist who just finished an internship. On one hand, it was a pretty prestigious place to have interned. On the other hand, I only got a small honorarium in exchange for my efforts. How do I declare my honorarium on my income tax return?
A: Congratulations on your internship! With luck […]

By |April 18th, 2016|Two Minute Tax Tips|Comments Off on Income from an Internship|