Be prepared for any regulatory changes and how they impact your finances.

Tax rates are continuously changing. It’s important for individuals and businesses to understand how the tax rate will be applied to different types of income as well as the next dollar earned.

Prime Minister Trudeau Announces an $82 billion Support Package

Moments ago, the Prime Minister provided an update on the federal government’s response to the COVID-19 outbreak. Prime Minister Trudeau informed Canadians that he and President Trump have decided to temporarily restrict all non-essential travel over the border. Travelers will no longer be able to cross for recreation and tourism. However, essential travel will continue […]

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I’ve lost my trading records for a stock. Now what? – The Globe and Mail

Tax season is fast approaching. Do you have your ducks in a row? To be more specific, do you have records of stock investments – or re-investments that you made years ago? Many Canadian investors have the same problem: they’ve lost trading records and now can’t figure out their adjusted cost base (ACB), which makes […]

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What every parent needs to know about deducting child-care expenses come tax time

If you need to pay for childcare in order to work or go to school, you can deduct what you pay for child care provided you meet certain conditions. Deductions can range from $5,000-11,000 per child and must be claimed by the parent with the lower income earned in the past year and is limited […]

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Why taxpayers cannot rely on advice from the CRA

If you are unsure about how certain tax with holdings may work for your work situation, asking the CRA directly may not be your best option. A recent case involving a truck driver who was told incorrectly that he did not have to pay and HST taxes by a CRA agent. When the case went […]

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Trying to reach the CRA? Good luck with that . . .

Many people have been able to finally get through the phone lines to Canada’s Revenue Agency, however, the wait times are very lengthy. Once they get the chance to speak to an agent, many callers do not even get the correct information they need and so means they likely have to go through the long […]

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How to Find the Best C.P.A. or Tax Accountant Near You

Take the time to hire a reputable tax pro and review their work carefully to help ease your worries this tax season. Be careful to select the most qualified tax professional for your own particular situation. Unfortunately, there are some advertised providers who may be out to scam you. Some ways to find the best […]

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The top 10 things the taxman may review on your tax return – The Globe and Mail

For many, the thought of a tax audit is quite stressful, and when an audit does happen it’s often because the tax agency had questions about a return that needed answers. Deductions, such as for expenses for jobs or changing residences, are a key source of these types of questions; though they’re not the only […]

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The CRA just redesigned the T1 Personal Income Tax return form and there are some major changes

Canadian tax filers will see the newly redesigned tax form for the 2019 tax year. The Personal Income Tax form, the T1, has been revised significantly by the Canada Revenue Agency. Instructions and questions have been altered to use more straightforward wording and language, pages have been added to accommodate the worksheet used for figuring […]

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How to calculate capital gains on the sale of an income property

Capital gains sales carry tax implications, and the calculation be tricky if you’ve used your home as both a primary residence and a rental property. The catch to exclude the time it was your home from your capital gains calculation is that there’s paperwork involved. Typically, you need to document the original cost, as well […]

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Canada’s 2020 tax season: 4 things you need to know before you file

While taxes are due by April 30th, every year some of the regulations that apply to taxes change, and this year is no exception. Be aware of the deadline for RRSP filing has been bumped to March 2nd; missing it means missing out on using it for your 2019 return. Early filers can begin submitting […]

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