The costs of tax procrastination (September 2016)
Each spring, Canadians are required to fulfill two tax obligations.
The first is the requirement to file an individual income tax
return providing details of income earned, deductions and credits
A mid-year check on your TFSA (August 2015)
Earlier this year, it was announced that the annual contribution
limit to tax-free savings accounts (TFSAs) would be nearly doubled,
increasing from $5,500 to $10,000, and that that increase would be
Bankruptcies by seniors on the rise (July 2015)
Conventional wisdom with respect to the cycle of income, debt, and
savings over an individual’s lifetime is based on certain
assumptions. Generally, it is assumed that Canadians in their 20s
Deciphering your Notice of Assessment (June 2015)
By the second week of May 2015, the Canada Revenue Agency (CRA) had
processed about 22 million individual income tax returns filed for
the 2014 tax year. Just under two-thirds of those returns (about
Claiming a deduction for moving expenses (May 2015)
Spring is the traditional season for real estate sales and
purchases, and the spring of 2015 is proving to be no exception. In
fact, the residential real estate market is particularly active
Fixing a mistake on your tax return (May 2015)
According to figures posted on the Canada Revenue Agency (CRA)
website, the Agency had, by April 19, 2015, received almost 16
million 2014 individual income tax returns, and had processed
Changes to withdrawal rules for RRIFs (May 2015)
Most Canadians, especially those nearing retirement, have saved
money through a registered retirement savings plan (RRSP). For all
those individuals, no matter what the size of their RRSP or what
Last-minute tax filing strategies (April 2015)
An old but still valid axiom of tax planning is that the best
year-end tax planning starts on January 1st. The concept of
year-end tax planning as a year-round activity may indeed be the
ideal, but it...
Filing your 2014 income tax return (April 2015)
For even the most determined of procrastinators, the deadline for
filing an individual income tax return for the 2014 tax year is
imminent. That deadline will come on Thursday, April 30 for most
Freedom 55, 60, 65... and counting? (March 2015)
Canadians whose adult memories reach back a quarter century to the
early 1990s will likely remember a series of television ads
picturing middle-aged individuals or couples enjoying life in an
What’s new on the 2014 tax return? (March 2015)
Every annual tax filing season brings with it a number of changes
to the annual return. In some years those changes are broad-based,
affecting large numbers of taxpayers, while in others the changes
RRSP season is upon us (February 2015)
Canadian taxpayers don’t need a calendar to know that the
registered retirement savings plan (RRSP) contribution deadline is
approaching—the glut of television, radio, and internet ads whi...
Tax deadlines for the 2015 tax year (January 2015)
Each new tax year brings with it a listing of tax payment and
filing deadlines, as well as some changes with respect to
tax-planning strategies. Some of the more significant dates and
changes for indi...
The holiday season and the taxman (December 2014)
It seems incongruous to talk about taxes in relation to seasonal
holiday celebrations. And, while it’s true that there are no tax
implications to most holiday events and traditions, unexpected t...
Year-end tax planning tips (December 2014)
While individual tax returns for 2014 don’t have to be filed, at
the earliest, until April 30, 2015, it’s worth taking the time now
to evaluate one’s tax situation and consider possi...
Income splitting for families (December 2014)
The prospect of being able to split income within a family group so
as to reduce overall tax payable has been on the tax horizon for a
few years now. A recent announcement indicates that the federal
Year-end planning for your TFSA (November 2014)
After getting off to a somewhat bumpy start when they were first
introduced in 2009, tax-free savings accounts (TFSAs) have become
extremely popular with Canadians. The misunderstandings and
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Accounting: Assurance: Taxation: Business Advisory