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 have until June [...]
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 [...]
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 [...]
Most letters from the Canada Revenue Agency look bad, but are in fact simple to deal with. An extremely common kind of CRA letter is the Request to File, which can be handled in a fairly straightforward way. The worst thing to do is to ignore a letter from CRA – it could cost you [...]
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 you don’t have [...]
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 [...]
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 [...]
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' [...]
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 [...]
Q: I’m an aspiring journalist who just finished an internship. On one hand, it was a pretty prestigious place to have interned. On the other hand, I only got a small honorarium in exchange for my efforts. How do I declare the honorarium from my internship on my income tax return? A: First of [...]
