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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 [...]

It’s not too late to file your taxes!

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 [...]

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

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

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

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’

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?

The Earlybird Discount on Tax Preparation is Back!

© iStock/SteveByland Deep in the freeze of January it’s hard to believe that tax season is around the corner. But believe it or not, here in the tax office we’re gearing up for another season of solving your problems, easing your stress, and providing pain-free tax preparation. By popular demand, this year we [...]

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