Two Minute Tax Tips

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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

Spousal Support vs. Child Support

Support ©iStock/pat138241 If you’re in the process of splitting up with a spouse or common-law partner you’re probably going through a lot of changes right now, and taxes may be the last thing on your mind. However before you settle the details of your support agreement, take a moment to familiarize yourself with [...]

By |March 30th, 2017|Two Minute Tax Tips|Comments Off on Spousal Support vs. Child Support

Rental Income, Tax, and Profit

©iStock/dcsliminky Maybe you’ve got an extra room in your home that you’re renting out for a relief on the bills. Or maybe you’ve just moved in with your significant other, and you’re renting out your bachelor pad before selling it. But beware: if there’s still a mortgage on the property, you may think [...]

By |March 5th, 2017|Two Minute Tax Tips|Comments Off on Rental Income, Tax, and Profit

Psst! You may be able to file late without a penalty!

Everybody has off days, and sometimes that means not filing your taxes when you should. If those late returns are keeping you awake at night, the Voluntary Disclosure Program can help. By following some simple steps and filing your returns under the Voluntary Disclosure Program (VDP) you can reduce – or even eliminate – your late [...]

By |February 21st, 2017|Two Minute Tax Tips, Videos|Comments Off on Psst! You may be able to file late without a penalty!

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, 2017|Tax Education, Two Minute Tax Tips|Comments Off on Don’t contribute to your RRSP until you read this!

CPP Pensionable Earnings vs. Grants

Are you getting the most out of your Canada Pension Plan (CPP)? Make sure your grants and/or fellowships are reported properly to ensure that you get what you’re entitled to. Grants and fellowships need to be reported the right way on your tax return in order to be eligible for Canada Pension Plan (CPP) premiums [...]

By |January 5th, 2017|Two Minute Tax Tips|Comments Off on CPP Pensionable Earnings vs. Grants

How Do I Pay If I Owe Income Tax in Canada?

  You can pay your taxes, in whole or in part, when you file your return, or you can wait until after you receive your Notice of Assessment. Payment On Filing - via Online Banking* If you want to pay when you file your return, you can do so through online banking. Set up the [...]

By |May 3rd, 2016|Two Minute Tax Tips|Comments Off on How Do I Pay If I Owe Income Tax in Canada?
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