Taxes

Canadian taxpayers have until April 30th to submit their personal taxes for the previous year. Despite that deadline fast approaching many wait until the last minute to prepare and file their taxes. The good news for do-it-yourself tax filers is that basic tax preparation software can be free and rather intuitive to use. While some…

In today’s economic reality, young workers often have to settle for short-term contracts while earning less than they desire. Many turn to freelancing – the gig economy – or full-fledged self-employment to pay the bills. Having business income, or multiple streams of income, can present a challenge come tax-time. Here’s what self-employed Canadians need to…

Did you file your taxes yet? You’re not alone. More than one-quarter of Canadians — 28 per cent — find the tax-filing process stressful, confusing and even intimidating, according to a TD survey. Most Canadian income tax returns (and balances owing) are due by midnight April 30, 2018. I’m a terrible procrastinator and I tend…

The Canada Child Benefit is a tax-free benefit paid monthly to eligible families. It was introduced by the federal government in July 2016, replacing the Universal Child Care Benefit (UCCB) and the Canada Child Tax Benefit (CCTB). The Canada Child Benefit provides a maximum annual benefit of $6,400 per child under the age of six,…

You can save on your taxes by claiming certain investment expenses which can reduce your taxable income. You can claim some direct costs related to your investing as well as interest on investment loans. Claiming Investment Expenses Claim these direct costs If you use an investment advisor to buy and sell investments, you can claim…

Our Canadian tax system has graduated tax brackets that result in people with earnings in higher tax brackets paying a greater amount of tax. Income splitting is a tax planning technique designed to shift income from a high-income earning taxpayer to a family member at a lower tax rate. The Income Tax Act has clear…

RRSPs are a valuable tool for many taxpayers, which is why they are the backbone of many retirement plans. Getting the most out of your RRSP often involves thinking several years ahead, rather than just when the contribution deadline is looming. Here are five RRSP strategies to get you thinking beyond the basics: Claiming RRSP…

I filed my taxes last week and expect to see a $2,500 refund hit my account some time in the next few days. While normally a big tax refund is cause for celebration, I won’t be treating this one as a windfall. That’s because it turned out my wife owed around the same amount when…