Taxes

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Credit-Saving Tips for Canadian Employees

Looking for ways to hold onto as many of your hard-earned dollars as possible? The following information outlines some basic steps you can take to minimize your tax outlay. [more…]

Part of the Series: Companion Content for the E-Book Pay Less Tax On Your Income In A Day For Canadians For Dummies

How to Make Canadian Interest Tax Deductible

Many tax payers in Canada pay interest on personal borrowing, such as mortgage interest, car loans, lines of credit, and credit cards, but few Canadians can deduct that interest on their tax returns. A [more…]

Part of the Series: Companion Content for the E-Book Pay Less Tax on Your Investments In A Day For Canadians For Dummies

The Ins and Outs of U.S. Estate Tax

U.S. estate tax is foreign (pun intended) to most Canadians because Canada doesn’t have a comparable tax. This is a complex area of tax law. You can find helpful information on how U.S. estate tax affects [more…]

Part of the Series: Companion Content for the E-Book Pay Less Tax on Your Investments In A Day For Canadians For Dummies

Ten Year-Round Tax-Saving Strategies for Canadians

Here are some quick and easy strategies to help you save on your tax bill in Canada. If you’re employing all these tactics, you get an A+ for having your taxes managed all year long! [more…]

Part of the Series: Companion Content for the E-Book Pay Less Tax on Your Investments In A Day For Canadians For Dummies

Understanding Canadian Investment Deductions

If you’re an investor in Canada with a non-registered investment account, you likely incur expenses to manage the investments and account for the investment income you earn. It’s important to keep track [more…]

Part of the Series: Companion Content for the E-Book Pay Less Tax on Your Investments In A Day For Canadians For Dummies

Using Insurance Products as Investments in Canada

Many Canadians think of insurance as a risk management tool, perhaps to cover off debts or to replace income in the case of a premature death. However, as unusual as it might seem, insurance can be used [more…]

Part of the Series: Companion Content for the E-Book Pay Less Tax on Your Investments In A Day For Canadians For Dummies

Tax Basics for Canadians Investing in U.S. Markets

If you’re investing south of the border, the U.S. revenue agency will want to know what you’re up to. Read on to find out to deal with the IRS (Internal Revenue Service). [more…]

Part of the Series: Companion Content for the E-Book Pay Less Tax on Your Investments In A Day For Canadians For Dummies

Essential Tax Websites for Canadian Investors

Navigating the nitty-gritty details of Canadian investment tax rules is not always an easy task. Here are some helpful websites to steer you in the right direction. [more…]

Part of the Series: Companion Content for the E-Book Pay Less Tax on Your Investments In A Day For Canadians For Dummies

Planning for a Loss of Employment in Canada

Losing your job is a dramatic and stressful life event that can have a profound effect on your finances. If you’re faced with the loss of employment, having a good financial plan and being familiar with [more…]

Part of the Series: Companion Content for the E-Book Pay Less Tax On Your Income In A Day For Canadians For Dummies

Taxes 101

Nobody forgets the first time, whether it was at their high school job at the ice cream parlor or their first job out of college, that they eagerly tore open a paycheck, already planning a shopping spree [more…]

File Your Taxes with the Right Filing Status

If there is one thing to make sure you get right on your taxes, it’s your filing status. It can determine how much you pay (or save) in taxes. Plus, it’s one of the things that, if you get it wrong, will [more…]

Filing Taxes as a Freelancer

You’re free! Free to sleep in until 11 a.m., free to work while your adorable toddler plays at your feet, free to . . . keep really good records of all your expenses for your taxes. [more…]

How Paying Tuition Can Affect Your Tax Filings

Whether you’re a student paying your way through school, a parent paying for your kid’s education, or a spouse paying for your partner’s grad school, the IRS will help you defray some of that cost. [more…]

Should You Itemize When Preparing Your Tax Return?

Though everyone groans about having to pay taxes, the government is nice enough not to tax U.S. citizens on the full amount of their earnings.

There are two big buckets of deductions the government provides [more…]

How to Avoid an Audit on Your Tax Return

Tax time is annoying enough without the IRS knocking on your door or sending you a stern letter saying they think you’re trying to pull a fast one.

But the IRS has audits for a reason — so that everyone [more…]

Should I File My Own Tax Returns?

Tax time isn't a very happy time for many people. It isn't that we don't think taxes should be paid, and we certainly don't dislike a tax refund check. It's the paperwork. To borrow from satirist Dorothy [more…]

What to Do if You Can't Afford to Pay Your Taxes

If you owe money to the IRS for taxes this season, but you don’t have enough cash in your bank account to cut the check, all is not lost. First things first: Make sure to file your return. That way, you [more…]

Tax Implications of Capital Losses from Stock Investments

Ever think that having the value of your stock investments fall could be a good thing? Perhaps the only real positive regarding losses in your portfolio is that they can reduce your taxes. A [more…]

Minimize Taxes on Capital Gains from Stock Investment

Long-term capital gains from stock investments are taxed at a more favorable rate than ordinary income. To qualify for long-term capital gains treatment, you must hold the investment for more than one [more…]

Capital Gain and Loss Scenarios for the Stock Trader

Any stock investor can come up with hundreds of possible gains and losses scenarios. For example, you may wonder what happens if you sell part of your holdings now as a short-term capital loss and the [more…]

How to Report Your Stock Investment Activity to the IRS

Most stock investors report their investment-related activities on their individual tax returns (Form 1040). The reports that you’ll likely receive from brokers and other investment sources include the [more…]

IRS Tax Deductions for Stock Investors

In the course of managing your portfolio of stocks and other investments, you’ll probably incur expenses that are tax-deductible. The tax laws allow you to write off certain investment-related expenses [more…]

IRAs Provide a Tax-Advantaged Way to Invest for Retirement

Individual Retirement Accounts (IRAs) are stock investing accounts you can open with a financial institution, such as a bank or a mutual fund company. An IRA is available to almost anyone who has earned [more…]

401(k) Plans Can Reduce Your Taxes

Company-sponsored 401(k) plans (named after the section in the tax code that allows them) are widely used and very popular. In a 401(k) plan, companies set aside money from their employees’ paychecks that [more…]

Tax Obligations for the Micro-Entrepreneur

If you make a net profit in your entrepreneurial business, plan on paying taxes. A profitable home business certainly has tax obligations to be aware of. Here’s an explanation of the tax obligations you [more…]

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