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About Personal Tax Advisors

Sunny Widerman has been preparing income tax returns for entrepreneurial Canadians and their friends since 2002. Her friendly, non-judgemental approach to tax services and advice and lively public speaking style have made her a favourite among audiences and clients alike. She has been featured by Advisor's Edge, the Canadian Media Guild, the Professional Writer's Association of Canada, the Editor's Association of Canada, CARFAC Dispatch and others.

What Are Input Tax Credits (ITCs)?

If you've registered to collect the goods and services or harmonized sales tax (GST-HST) in Canada, you may have come across the term input tax credit or its acronym, ITC, and wondered what it's all about. To understand input tax credits (ITCs) you need to understand the basics of the GST-HST system, which are simply: [...]

Setting up My Business Account with CRA

As CRA continues on its mission to minimize paper and make more services available online, it becomes increasingly important to register for My Business Account with Canada Revenue Agency (CRA) and learn how to use it. To make it easier, CRA has created a video explaining how to register for My Business Account. With My [...]

Do I need T2200S to take the Work-From-Home deduction?

For the 2020 and 2021 tax years, Canadians were allowed a special Work-From-Home credit for time spent working from home during the Covid-19 pandemic. The credit can be calculated two ways: using a flat rate, or doing a calculation involving a percentage of utilities and/or rent costs. The flat rate requires no additional documentation. Any [...]

Salary vs Dividends: Which is better?

This is the third post in our series for incorporated people about salary vs dividends. The first part can be found here. The second part is here. In previous blog posts [ here and here ] we’ve discussed the tax implications for an owner paying themselves via a salary vs dividends. But there are other [...]

Salary vs Dividends: How to pay less tax?

This is the second post in our series for incorporated people about salary vs dividends. The first part can be found here. Taxes are usually the main consideration when a corporation's owner is deciding whether to pay themselves a salary, dividends, or some combination of the two. Some people believe that for tax purposes dividends [...]

Salary vs Dividends: What’s the difference?

This is the first post in our series for incorporated people about salary vs dividends. Salaries and dividends seem similar from the outside perspective of the person receiving money. However they are conceptually very different from one another from the inside, i.e. from the corporation’s internal accounting perspective. Begin with the most basic calculation of [...]

RRSPs: What you should know if your income is low

So it’s RRSP season again, and you’re trying to decide how much (if anything) to contribute this year. This is especially a question if you didn’t end up earning much. Here are the top three things you need to know about RRSPs in a low-income year. 1. RRSPs are less helpful to people with low [...]

What do the RRSP figures on my Notice of Assessment Mean?

Q: After a few years of low income, I'm finally ready to start contributing to my RRSP again. But looking at my Notice of Assessment I completely forget what the RRSP numbers mean. My notice from last year's taxes gives me the following: RRSP deduction limit: $15,000 Unused contributions previously reported & available to deduct: [...]

Reporting Income from Artist’s Grants

When you receive an artist's grant in Canada from the Canada Arts Council or provincial granting body, the standard advice you'll get is to report it on line 13000 as 'Other Income.' But for working artists, this is not the only, nor the best, option. Recognizing A Grant From A Slip The grants we're discussing [...]

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