Filling out a TD1 Form
A TD1 form tells the employer how much tax needs to be taken off of an employee pay. There is one for Federal tax and another for Provincial. The higher your exemption, the less amount of tax is taken from your cheque. Employees should be filling out new TD1 forms in January of each year…
Changes to the Reporting of the Principal Residence Exemption
Wednesday, January 11, 2017
Changes to the Reporting of the Principal Residence Exemption and How This Affects All Residential Real Estate Sales for the 2016 Year One of the greatest tax saving incentives offered by Canada Revenue Agency (CRA) is the principal residence exemption (PRE). The basics behind this exemption is tha...
U.S. Tax Issues for Both Canadian and U.S. Citizens - Part 2
Monday, August 22, 2016
Canadian Residents or “Snowbirds”: The term snowbirds is used to describe Canadians who spend a fair amount of time in the U.S. usually to vacation and escape our winters. The number of days you spend in the U.S. will have an impact on the determination of your residency for tax purposes. The U.S. ...
U.S. Tax Issues for both Canadian and U.S. Citizens - PART 1
Thursday, July 14, 2016
U.S. Tax Issues for both Canadian and U.S. Citizens: The tax implications involved in cross-border activities are complex and can apply to many situations that face both Canadian and U.S. citizens. Each individual’s personal scenario will be unique when dealing with either business, employment, ret...
Employee or Self-Employed Worker
Wednesday, May 18, 2016
Employee or self-employed worker? It is important to decide whether a worker is an employee or a self-employed individual. Employment status affects a person’s entitlement to employment insurance (EI) benefits while also having an impact on how a worker is treated under other legislation such as th...
Medical Expenses on your Personal Tax Return
Monday, March 07, 2016
Medical Expenses on Your Personal Tax Return We are often asked what medical expenses can be deducted on a personal tax return. The Canada Revenue Agency has detailed listings on all things that can or cannot be included. Below is a summary of the most common items we see. Common items that can be...
Proposed Liberal and Implemented NDP Tax Policy Implications
Wednesday, December 02, 2015
Rates 1. Personal Tax a) Federal: The Liberals have proposed that they will cut the income tax rate for middle class Canadians, and increase the marginal rate on higher earning income individuals. The following rates highlighted in yellow represent the only changes to the personal federal tax ...
Wednesday, December 02, 2015
Moving Expenses: Who is eligible to claim moving expenses on their personal tax return? There are two instances in which a tax payer is eligible to claim moving expenses as a deduction on their personal tax return: If you move to a new location to work or run a business, or If you move to ...
Enhanced Universal Child Care Benefit
Wednesday, September 02, 2015
NEWLY INTRODUCED FAMILY BENEFITS ENHANCED UNIVERSAL CHILD CARE BENEFIT The new enhanced universal child care benefit is designed to put an extra $60 per child in the hands of parents each month. So, for those that have children under 6 years of age, the benefit has increased from $100/month to $...
Disability Tax Credit
Wednesday, July 15, 2015
Disability Tax Credit An often overlooked tax break that can be enjoyed by individuals is the disability tax credit (DTC). It is a non-refundable tax credit that can be used to reduce income tax payable on your tax return. How much will it reduce your taxes? For an Alberta resident for 2014, it a...