Tax Tips

Comparing Investment Plan Alternatives – What are they and how can they work for you?

Posted on February 13th, 2019 | 0 comments.
This week’s blog is about the different types of investment accounts an individual can open up in Canada. Since we are right around the first 60 day mark, which means the last chance to contribute to RRSPs for the 2018 taxation year, I figured it’s a great time to explain how to choose ...

Tax and other benefits for people with children

Posted on February 4th, 2019 | 0 comments.
Last week we discussed what employment expenses are, and who can deduct these types of expenses. If you missed that blog, you can find that blog right here. Today I will be blogging about a subject that is very important to me as a parent. Many new parents ask me what ...

Which employment expenses do I qualify for?

Posted on January 28th, 2019 | 1 comment.
Hi everyone Hope you enjoyed my two recent articles linked to Non-Residents.  These articles can be found with the rest of the real estate blogs I have written in the past, here. Today I turn my attention back to the residents of Canada and have decided to write about those that have ...

I am a Non-Resident and I am selling my Rental Property in Canada

Posted on January 21st, 2019 | 0 comments.
Last week we looked at how a non-resident individual who owns property in Canada would report rental income. With this week’s topic, we’ll look at what non-residents who want to sell their property would need to do in terms of reporting this property.   The easy answer is that a resident would have to ...

I am a Non-Resident and I own a Rental Property in Canada

Posted on January 14th, 2019 | 1 comment.
First is the issue of requirements, which includes having either a Social Insurance Number (SIN) or an Individual Tax Number (ITN). Social Insurance Numbers are granted to residents/citizens of Canada through application and allow you to invest or work in Canada – including owning a property. Alternatively, those who are not eligible for a Canadian SIN apply for Individual Tax Numbers by filing form T1261, which is subsequently filed with the income tax return. T1261 forms are not easy to file, for your own benefit enlist the help of a professional to file it.
It’s been a while since I’ve been able to write a blog. Personal life has taken a big chunk of my time, after getting married and with the birth of our son it’s been a challenge to find the time. He is now 1 year old and can give both ...

Scientific Research and Experimental Development

Posted on February 28th, 2013 | 0 comments.
Does your company invest in Scientific Research and Experimentation? The governments of Canada and Ontario offer Scientific Research & Experimental Development tax credits and refunds, applied to developmental costs relating to new or improved products or processes. The calculation of these credits can be a cumbersome exercise and best left to ...

First Time Home Buyer Credits

Posted on February 28th, 2013 | 0 comments.
Are you a first time home buyer? There are a couple of tax credits you could make use of. First, it’s important to establish the CRA definition of a first time home buyer since it’s not as intuitive as some would think. A first time home buyer, according to the CRA, ...

Tuition, Education, and Textbook Amounts

Posted on February 28th, 2013 | 0 comments.
Are you attending or have you attended a post-secondary education inside or outside of Canada? Tuition, education and textbooks are a source of valuable credits for individuals who are attending university and/or college. Typically, individuals pursuing post secondary studies don’t earn sufficient income to claim these credits immediately and accordingly apply ...

Eligible Dependant Credit

Posted on February 28th, 2013 | 0 comments.
Do you live with an individual that you support? If so you may be able to claim the eligible dependant credit. One common instance involves parents who live with, and are being supported by their children. If the parent is earning a low enough income level such that they are not ...

Disability Tax Credit

Posted on February 28th, 2013 | 0 comments.
Do you know someone that has a disability? They may be eligible for the disability tax credit. The disability credit is a non-refundable tax credit designed to reduce the financial stress on an individual with a disability, or can be otherwise transferred to the caregiver of a dependant with disabilities. It’s been ...