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Treated like an employee, paid as a contractor

Question: My employer classified me as an independent contractor without my knowledge and required me to work 9-5, Monday to Friday, for almost half a year. I did my taxes under the impression I was an employee and now the CRA says I owe them upwards of $8,000. Is there anything I can do? Answer: [...]

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 [...]

Business Deductions: The Reasonable Expectation of Profit

Business owners, freelancers and self-employed people have many questions about what they can and can't write off for their taxes. This is a potentially endless topic. There are an infinite number of possible businesses, with an infinite number of ways they can be run; meaning there are an infinite number of potential business deductions. The [...]

How To File Your GST-HST Return From A Completed Worksheet

If you have a completed GST-HST worksheet you can easily file your GST-HST return, either by using the figures on the Worksheet and transfering them to a return, or by signing and dating the worksheet itself and mailing it to the Canada Revenue Agency. (If you're not sure what a GST-HST worksheet looks like, you [...]

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!

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

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 [...]

What is a T4A?

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 [...]

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