Tax-Free Savings Accounts: TFSA Tips for Canadians
Canada Revenue Agency gave us all a little gift recently. As of January 2009, you can shelter up to $5,000 a year in investments in a Tax-Free Savings Account [more…]
How Are Your Tax Dollars Used by the Federal Government?
Every year, Americans pay their tax bills, but are often puzzled about how government spends the taxes it collects. Many Americans overestimate how much of tax money goes toward government programs, and [more…]
How Does the U.S. Federal Government Determine Spending?
Congress and the president of the United States work together to complete the budget of the United States government that determines federal spending for each fiscal year. The budget allocates more than [more…]
The New Health Care Law and Tax Implications for Individuals
The Health Care and Education Reconciliation Act of 2012 contains four provisions that will impact many Americans' 2013 taxes. Many people are trying to make sense of the new 2,000-page [more…]
IRS Efforts to Assist U.S. Citizens Overseas with Taxes
The IRS has launched a plan to assist U.S. citizens living overseas, including those who possess a dual citizenship, to catch up with their tax filing obligations and to provide assistance for those who [more…]
Four Tax Deposit Tips for Quicken 2013 Users
Here are a handful of suggestions about making tax deposits with Quicken 2013 easier and less painful. The fast payroll method also has a weakness you should know about. [more…]
Are Your Investments Tax-Deferred?
If your investments are tax-deferred — if, for example, you’re using individual retirement accounts (IRAs), Simple-IRAs, Roth accounts, or 401(k)s — you don’t really need to track investment income and [more…]
Ways to Turn Education Expenses into Tax Credits
For your Canadian tax returns, you are eligible to claim the 15 percent non-refundable federal tax credit for eligible tuition, education, and textbook costs incurred in the year, plus any unused amounts [more…]
Top Tax Websites for Canadians
Another year over, and another tax filing season looms! Although you might feel overwhelmed by the mammoth task at hand, help is always at your fingertips. Check out the following websites for free and [more…]
Know When Your Canadian Tax Return Is Due
It’s vitally important to find out your tax due date, put it on your calendar, highlight it in three different colours, and if you’ve got some neon flashing lights left over from that Halloween party, [more…]
Reaping the Benefits of Canada's Lifelong Learning Plan
If you or your spouse is considering the possibility of continuing your education, or if you’re currently enrolled in an education program, you can tap your RRSP [more…]
Understanding Pension Splitting
Canadian taxpayers can annually elect that up to 50 percent of certain types of pension income can be split, shifted, or allocated from a higher-tax-bracket spouse/common-law partner to a lower-tax-bracket [more…]
Ten Tax-Saving Tips for Retirement in Canada
Retiring has many benefits — sleeping in, travelling without worrying how many e-mails have piled up in your inbox, and tax savings. What? That’s correct; you can save money on your taxes while you’re [more…]
Setting Up a Good Tax Recordkeeping System
Do you want to know the secret to making sure you claim every deduction you’re entitled to? To saving money when you have a tax preparer do your tax return? To surviving a CRA [more…]
How to Prepare and File Your Canadian Tax Return
Will you prepare your tax return manually for filing in Canada? Use tax preparation software? Paper file your return? NETFILE? EFILE? So many choices, so little time! There’s no need to panic, though. [more…]
Reducing Tax on Your Pension Income in Canada
The silver lining to accent your silvering hair is that you have a few ways to at least reduce the tax burden on your pension income in Canada. You can save tax by simply being 65 years of age or older [more…]
Claiming Child Care and Disability Benefits
Raising children is an expensive endeavour; those costs are even higher when you have a disabled child. Here are some additional benefits available to you if you have young children or a disabled child [more…]
The Fundamentals of Canadian Estate Tax
As the saying goes, “death” and “taxes” go together. However, you can take advantage of some tax breaks to minimize the income tax arising on death. The lower the tax the greater the funds available to [more…]
The Lowdown on Moving Expenses in Canada
If you moved at least 40 kilometres to start a job (even just a summer job), to start a business in Canada, or for full-time post-secondary education, you may be eligible to deduct at least a portion of [more…]
How to Claim the Canadian Overseas Employment Tax Credit
The overseas employment tax credit may be available to you if you’re a Canadian resident but worked abroad for six months or longer in connection with a resource, construction, installation, agricultural [more…]
Getting Reimbursed for Public Transit Expenses in Canada
If you use public transportation in Canada, you may be able to offset the cost of your transit pass with this non-refundable credit. The federal tax credit, or federal tax savings, is the eligible amount [more…]
Qualifying for the Canadian Northern Residents Deduction
Rainy Hollow, B.C.; Belcher, Manitoba; Flin Flon, Saskatchewan; Pickle Crow, Ontario. What do these places have in common (other than their intriguing names)? Well, their residents can claim a northern [more…]
Recommended Online Resources for Canadian Income Tax Payers
The Internet is a goldmine for tax-planning information for Canadians. If you’re gearing up for April 30 and dreading the prospect of filing your income tax return, turn to the following websites for tips [more…]
Ten Ways to Reduce the Risk of a Canadian Tax Audit
What are the two most dreaded words in the English language? Okay — aside from “root canal.” For many it’s “tax audit.” Chances are if you’re reading this you’re looking for ways to reduce your risk of [more…]
Tax-Savvy Ways to Sell Your Canadian Business
If you’re the owner of a small business in Canada, your company is likely your most valuable asset. You may have dreams of selling the business one day and using the proceeds to travel or invest in another [more…]
