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Do You Need To Pay Income Tax Installments?

muyou The Canada Revenue Agency requests that some Canadians pay their income tax by installments through the year. The majority of Canadians don't have to make quarterly tax installment payments toward their income taxes because their employers deduct sufficient tax at source throughout the year to cover their tax bill. But those who have sources [...]

When CRA Matching Thinks You Missed a Grant

We've talked elsewhere about CRA Matching, the process by which CRA takes a closer look at a tax return and the slips on file for a taxpayer to look for errors. Usually, CRA is very good at this. After all, looking at documents and numbers is their stock in trade. In our experience they're [...]

Does your foreign real estate have to be declared on T1135?

Form T1135 Foreign Income Verification Statement must be filed when a Canadian taxpayer answers 'yes' to the question "Did you at any time in the year own specified foreign property valued at over $100,000 (CAD)?" Watch: Foreign Property and the T1135 However, some real estate is considered exempt from this question, and therefore doesn't trigger [...]

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 [...]

By |January 13th, 2023|Tax Education, Two Minute Tax Tips|Comments Off on Don’t contribute to your RRSP until you read this!

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 [...]

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