As we approach one of the biggest tax filing days of the year* and tension rises, it’s time to remind everyone of one important thing: Even if you can’t afford your tax bill, you really, really, really should file your tax return on time. Personal Tax Advisors: Next Level Tax Preparation Next Level Tax Preparation [...]
©iStock/TonyBaggett All US citizens, regardless of where they live, are required by US law to file tax returns in the United States every year.* While for decades most Canadian-dwelling US citizens and their accountants have neglected to do so, mostly without penalty, in the past few years the pressure to file has risen [...]
Starting in April 2015, the Canada Revenue Agency (CRA) is planning to phase out cheques entirely in favour of Direct Deposit. Personal Tax Advisors: Next Level Tax Preparation Next Level Tax Preparation means support for our clients when CRA comes calling. At Personal Tax Advisors, our responsibility continues long after your return is filed. Our [...]
No one likes high medical expenses, but at least they can reduce your tax bill. That's if the Canada Revenue Agency recognizes them as allowable. Personal Tax Advisors: Next Level Tax Preparation Next Level Tax Preparation means an experienced preparer who can do what software and seasonal workers can't. You can get 'good enough' tax [...]
The first thing you have to remember is that income tax and HST are two separate things. A grant is subject to income tax, but not to HST. So when calculating your income for the $30,000 HST threshold, or when completing an HST return, you don’t count grants as part of the relevant income. But [...]
Like all Canadian tax slips beginning with "T4", a T4A reports income you earned. It's something like a catch-all slip for income that isn't reported on other kinds of slips, so it's easier to list what the T4A does NOT report. A T4A does NOT report income that: you earned from a regular job where [...]
As a general rule, inherited property is non-taxable in Canada. At the time you receive your inheritance, you don't need to report its value on your return at all. But be warned: that doesn't mean that there are no tax consequences and nothing you need to do.
When parents want to give their kids cash, the tax implications depend on whether the money is considered a gift, or payment.
If you've been avoiding filing your taxes because of your low income, it may be time to file your old returns. There may be hundreds of dollars waiting for you.
At long last, self-employed people will be able to collect EI benefits. But there are important pros and cons to consider before deciding to participate.
