By Liz O'Dowd on May 26, 2017 
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Has your principal residence been sold recently? In 2016 an administrative change to CRA’s reporting requirements for the sale of a principal residence (PR) occurred. When you sell your PR or when you are considered to have sold it, usually… {Read more}
By Liz O'Dowd on May 22, 2017 Leave a comment
There are many benefits, credits, and deductions to help your family with expenses throughout the year and reduce the amount you owe at tax time. Child and family benefits Canada child tax benefit (CCTB) – You may be entitled to… {Read more}
By Liz O'Dowd on May 16, 2017 Leave a comment
Congratulations! If you have a new baby or expecting a baby, there are plenty of credits and benefits you may be eligible to receive. Important facts Automated Benefits Application – Save time and paperwork! When registering the birth of your… {Read more}
By Liz O'Dowd on May 11, 2017 Leave a comment
As a self-employed person, you and your spouse or common-law partner have until midnight on Thursday, June 15, 2017, to file your 2016 income tax and benefit returns. The legislated date for paying an income tax balance owing is April… {Read more}
By Liz O'Dowd on October 20, 2016 Leave a comment
Get organised for the next tax season No one looks forward to the tax season, and it can be especially difficult for small businesses. In order to make the filing of your income tax return as painless as possible, it… {Read more}
By Liz O'Dowd on October 20, 2016 Leave a comment
The CRA’s new online services have contributed to the increase in the number of returns filed electronically The Government of Canada is committed to making the Canada Revenue Agency (CRA) an agency that is more client-focused and online focused. In… {Read more}
By Liz O'Dowd on October 18, 2016 Leave a comment
Borrow to Invest in Stocks and Exchange Traded Funds (ETFs) – Outside of an RRSP You should not consider this strategy unless you have owned stocks for at least 2 years. Taxtips.ca recommends this because investing is a learning experience,… {Read more}
By Liz O'Dowd on October 12, 2016 Leave a comment
Tax-Free Savings Account (TFSA) vs Registered Retirement Savings Plan (RRSP) calculator TaxTips.ca’s Tax-Free Savings Account (TFSA) vs Registered Retirement Savings Plan (RRSP) calculator will help you decide which type of account is better for you. This will depend on your… {Read more}
By Liz O'Dowd on October 12, 2016 Leave a comment
First time home buyer tax credit If you are a first time home buyer, you may be able to claim a non-refundable tax credit of up to $750 on the purchase of a qualifying home. To qualify for the home… {Read more}
By Liz O'Dowd on October 5, 2016 Leave a comment
Pay Down Your Mortgage, or Contribute to an RRSP? Which option is better for a person with a 30% marginal tax rate: Pay $1,187 per month in mortgage payments to pay off a $100,000 mortgage in 10 years, then continue… {Read more}