File On Time Even If You Can’t Pay Now
Why 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.
CRA Scams On The Rise – Beware!
Tax scams are on the rise, so protect yourself with good information. Here’s how to know if a person claiming to be collecting on a tax bill from the Canada Revenue Agency (CRA) is on the level, or a fraudster. For years, Personal Tax Advisors has warned clients to disregard personal emails about tax refunds [...]
Five Things To Know Before Registering for the GST/HST
It's simple to get a GST or HST number in Canada. You can do it over the phone, or you can do it online if you're registered for CRA's online My Business service. But no matter how you register, CRA is going to require you to provide some information and make decisions up front. You [...]
Cooperating With Your Ex On Your Taxes | Divorce and Tax
Divorce and separation are painful life events, and it’s natural to want to distance yourself from the experience – and your ex -- for a while. But when it comes to your taxes the fastest route is always getting it right the first time, and that means you will have to communicate and cooperate with [...]
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 [...]
Facing the Fear: Why You Should File Your Late Tax Returns
Video: Overdue Tax Returns - Should You File? The Short Answer Is ‘Yes’ Filing old late tax returns. Should you do it? I know I’m biased. I am a tax professional and I prepare tax returns for a living. Of course I'm going to tell you to file your tax returns. But bias or no, [...]
Charitable Donations and Tax – Three ways to maximize your tax credit
It is better to give than to receive, but what's even better is getting a tax credit from Canada Revenue Agency (CRA) for it. Here are three tax tips on how to make the most of your charitable donations on your Canadian income tax return. VIDEO: Charitable Giving and Tax in Canada - Three Things [...]
What happens if you don’t pay CRA Installments?
The Canada Revenue Agency (CRA) asks for tax installments when you establish a tendency to owe tax at the end of the year. But sometimes life gets in the way, income is low or expenses are high, and you don’t get around to paying the tax installments requested by CRA. So what happens if you [...]
Voluntary Disclosure (VDP) Filing Can Reduce Penalties and Interest
So it's been a few years, you haven't filed your returns, and now you've decided to get honest about it. Good for you! You’ll feel great for having gotten this off your mind. But while we always recommend filing late returns, don't rush in blind if you owe tax. Consider taking advantage of CRA's [...]
Deducting Home Office Expenses for Self-employment
Self-employed people in Canada can take a home office deduction. It's one of the best things about being self-employed: you can take costs you were already incurring -- your residence costs -- and use them to reduce your taxes. Business-use-of-home The Canada Revenue Agency (CRA) calls the home office deduction business-use-of-home. As a self-employed person [...]