Two Minute Tax Tips

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Business Deductions: The Reasonable Expectation of Profit

Business owners, freelancers and self-employed people have many questions about what they can and can't write off for their taxes. This is a potentially endless topic. There are an infinite number of possible businesses, with an infinite number of ways they can be run; meaning there are an infinite number of potential business deductions. The [...]

Foreign Property Worth Over $100,000 CAD

 In the last few years you have probably noticed a question on your Canadian income tax return asking if you owned any foreign property: "Did you own or hold specified foreign property where the total cost amount of all such property at any time, in the tax year, was more than $100,000 CAD?" What [...]

No Good Deed Goes Untaxed

Parents want the best for their kids, and that often extends to giving away some of their assets in order to help their adult children get established in life. But while Canadian tax law renders gifts exempt from tax for the receiver, they can be taxable for the giver due to rules around capital gains. [...]

All About CRA Matching

It’s a little-known fact that when CRA first receives an income tax return and sends the taxpayer a Notice of Assessment, they do little to no review of what is actually in that tax return. Unless your return has been selected for a pre-assessment review, for the most part CRA just goes along with whatever [...]

Why Do I Owe Income Tax?

It's a terrible experience: you go to your tax preparer with your hopes high, and you get handed an income tax bill. It's even worse when your income has dropped in the past year, or was modest or even low. How can you owe tax? The problem is that an income tax bill isn't necessarily [...]

How much GST or HST should I charge? – GST and HST rates by province

When you are registered to collect GST or HST and make a sale of goods or services to payer in another province, you must charge the rate of GST or HST according to the rate in the payer's province. For example, if you are a vendor based in Ontario and registered to collect HST, [...]

The tale of two brothers, one roof

When two siblings share an inheritance, their best intentions to redistribute the property can backfire and trigger unnecessarily high taxable capital gains. cottage on the lake When their mother died, Troy and Karl were joint beneficiaries of her will and inherited the lakeside cottage she'd lived in for the past 30 years. Troy [...]

By |December 12th, 2017|Tax Education, Two Minute Tax Tips|Comments Off on The tale of two brothers, one roof

It’s not too late to file your taxes!

©iStock/Tamiris6 April 30 may have come and gone, but if you haven’t filed your income taxes there’s still hope. It’s always worthwhile to file as soon as possible, even if you’ve missed the magic date. You may not actually be late! If you or your spouse have self-employment or freelance income, you both [...]

By |May 8th, 2017|Two Minute Tax Tips|Comments Off on It’s not too late to file your taxes!

How to Register for the GST or HST

It’s easy to register for the GST or HST. Before you pick up the phone, however, be clear on how often you want to file returns (monthly, quarterly or annually) and how often you want to remit (pay) your GST/HST. Usually you can also choose the date that your registration begins, which can affect the [...]

By |April 25th, 2017|Two Minute Tax Tips, Videos|Comments Off on How to Register for the GST or HST
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