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' [...]

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

Free Webinar: Tax Tips for Creatives

Everyone wants to do the right thing when it comes to taxes, but not everyone knows what the right thing is. That goes double for self-employed or freelance earners, who have more choices and responsibilities when it comes to taxes than regular employees, and seemingly less information available. With the tips in this webinar you [...]

By |February 14th, 2016|Tax Education|Comments Off on Free Webinar: Tax Tips for Creatives

What is a Spousal RRSP Contribution?

Definition of a Spousal RRSP Contribution: A situation in which a person makes a contribution to his or her spouse’s RRSP. The contributor uses his/her contribution room, and reports the contribution on his/her tax return, thus saving income tax at his/her rate. What is the advantage of a Spousal RRSP Contribution? A couple can maximize [...]

What is a Marginal Tax Rate?

Definition of Marginal Tax Rate: The tax rate that applies to your highest-taxed dollar. Used to calculate the tax impact of additional earnings. In a progressive tax system like Canada’s, the more you earn the harder your income is taxed. Income is separated into several levels, or tiers. For example, the first $30,000 earned is [...]

Final 2015 U.S. Tax Seminar in Toronto

© iStock/Creative_Outlet Filing deadline for U.S. Citizens living abroad is June 15th.* Americans in Canada and around the world are wondering how to cope with the many U.S. tax issues. This seminar is hosted by Chris Eggers of Investors Group and Democrats Abroad Canada–Toronto, and co-hosted by professional accounting firm Lawrence and Associates [...]

Webinar and Seminar for US Tax Filers in Canada

©iStock/TonyBaggett All US citizens, regardless of where they live, are required by US law to file tax returns in the United States every year.* While for decades most Canadian-dwelling US citizens and their accountants have neglected to do so, mostly without penalty, in the past few years the pressure to file has risen [...]

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