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Basics of Canadian Taxes for Immigrants (Updated 2023)

As an immigrant to Canada, it's important to understand the Canadian income tax system and your tax obligations. Whether you're a permanent resident, a temporary worker, or a student, you'll probably need to file a tax return with the Canada Revenue Agency (CRA) each year. Do you need to file a Canadian income tax reurn? [...]

Capital Gain On A Principal Residence That Becomes A Rental

As you may know, you don't pay tax in Canada on the sale of your principal residence. But what if the property was your principal residence, but was an investment property by the time you sold it? Q: I purchased my home 20 years ago for $120,000. Fifteen years later I converted that principal residence [...]

Avoid double taxation in Canada by making a Foreign Tax Credit claim

What is double taxation? If you live in one country but earn income from a payer in another country, sometimes that income is taxed by the foreign government. When you file your taxes in your home country, you must declare that income, and it may trigger tax in your home country as well. This situation [...]

All About CRA Matching

Little-known fact: 80% of Canadian income tax filing works on the honour system. During tax season, CRA receives an avalanche of income tax returns; far more than they could ever review in real time. Consequently, they send out most Notices of Assessment having done little-to-no review of what is actually in those tax returns. Unless [...]

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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