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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

Canadian citizens having earned income and have a social security number and have filed a tax return may contribute funds into a Registered Retirement Savings Plan(RRSP) to reduce the amount of income taxes paid. This can be done each year until the individual's spouse reaches the age of 71. RRSPs can be opened in financial [...]

It is readily apparent to those in the financial sphere that RRSPs cause consternation to many, with a fair amount electing to not contribute to them, calling them a waste of time and effort. However, at least one financier has to note that the decision is not one that should be written in stone in [...]

Having a RRSP account can be beneficial but be warned the CRA monitors these accounts looking for mistakes that will cost you a good chunk of your retirement savings. You should try to avoid early withdrawals. You will get hit with a tax bill on previously tax sheltered income as well as lose the contribution [...]

No matter who you are, when it comes to tax time you will try to save hold onto as much of your hard earned money as you can. You'll want to choose your accountant wisely to ensure you hire the right one. Tax evasion, knowingly under reporting income or faking deductions is illegal. Tax avoidance can be [...]