Taxes

Less than one-quarter of Canadians contribute the maximum to their RRSP each year, but if you’re one of those keen savers you’ll want to pay close attention to your RRSP contribution limit to avoid going over. A blog reader named John realized he might be pushing his limit due to automatic monthly contributions and a…

If your New Year’s resolution was to get your finances organized, you should make sure efiling your tax return by the deadline is on your to-do list. Your tax return is an important financial document and tax planning should really happen year round. The good news for your 2014 tax return is there are some…

Now that the tax deadline has come and gone, it’s a good idea to review your return to identify any missed opportunities and changes you may be able to make this year. In particular, you should look at your investments to make sure they are still meeting your needs in a tax efficient manner. Taxes…

While most people use a tax program to complete their tax return, the program is only limited to the information you enter and you may not be fully maximizing your tax refund. As an accountant, I come across plenty of small credits that are often overlooked by people because they aren’t aware they apply or…

South of the border, the heads of U.S. households can elect to file joint income tax returns, pooling their income and deductions.  This option brings considerable tax savings to families in which one spouse has a significantly higher income than the other; their joint tax bracket will likely be lower than it would be otherwise.…

With the plethora of tax preparation software available, many people file their own tax return each year. But even with the software questions and guidance, many deductions are commonly overlooked, so much so that H&R Block offers a free “Second Look” for any new clients’ past year’s tax return to check for anything missed. Related:…

Stay at home parents may do a lot of work but unfortunately it’s not a labour cost that gets reported on a tax return.  For families with a single income, tax time can seem a little one sided, but both spouses or common-law partners still need to file their own tax return in order to…

More taxpayers are receiving a Notice of Reassessment than ever before.  A new tax assessment unit was set up last year that works from September to March to check for things that were missed in the first regular audit and compare returns to third party sources. This new group focuses on specific areas such as:…