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The Covid Work-From-Home deduction (2020-2022)

The special Work-From-Home deduction relating to Covid-19 came into effect for the 2020 tax year and continued until the end of the 2022 tax year. Let's recap what this deduction does and how to claim it. The Covid-19 Work-From-Home Deduction As a consequence of the Covid-19 pandemic, the Canadian government allowed a special Work-From-Home deduction [...]

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 [...]

Do You Need To Pay Income Tax Installments?

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 of [...]

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 [...]

Voluntary Disclosure (VDP) Filing Can Reduce Penalties and Interest

So it's been a few years, you haven't filed your returns, and now you've decided to get honest about it. Good for you! You’ll feel great for having gotten this off your mind. But while we always recommend filing late returns, don't rush in blind if you owe tax. Consider taking advantage of CRA's [...]

Deducting Home Office Expenses for Self-employment

Self-employed people in Canada can take a home office deduction. It's one of the best things about being self-employed: you can take costs you were already incurring -- your residence costs -- and use them to reduce your taxes. Business-use-of-home The Canada Revenue Agency (CRA) calls the home office deduction business-use-of-home. As a self-employed person [...]

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