Nobody likes to make a mistake on their taxes. Most often when an individual has decided to do their tax returns themselves they do so with a lot of tension and stress. This in itself can easily lead you to making a mistake. Common errors often come in the addition of the figures, and then…
A lot people work very hard to become financially successful with the hope of being solid financially when it comes to their retirement years. In many cases these individuals who have worked hard to gain their financial success become frustrated with what they consider unfair tax obligations. Most often they have worked many long…
Nobody likes to be sick because of the way it makes them feel and then there are the added expenses that come with most illnesses. Even if it doesn’t warrant a doctor or a hospital stay, the over the counter medications are expensive. For more serious illnesses even though we have great medical coverage in…
Some people like to get their taxes done early which is a good thing because it is over and done with. Then it is usually forgotten about until you get your tax assessment in the mail. Chances are you look it over quickly, but really this is important information and you should scrutinize it…
When it comes to operating a small business in Toronto you have to be constantly thinking of how you can save on your tax obligations. While there are a lot of business tax incentives in place for small business it is not enough, and you have to learn to be legally creative with your tax…
If you are not quite sure what category your business fits into then you want to take a close look at what the CRA considers as a Personal Services Business or (PSB). As an incorporated business this is really important to you that you are not classified as this, because it would mean that you…
There are certainly a lot of new expenses that have to be faced when starting out as a married couple. You most likely still have some bills left over from the wedding and used a good amount of your savings for your honeymoon. Now you have to think about your tax obligations as a…
If you are self employed or have a small business then you need to have financial statements completed that are properly done and accurate. Your tax accountant needs these in order to prepare your tax returns for you properly. If you use a qualified bookkeeper then you should not have to worry about the accuracy…
Chances are you are like the many other Canadian tax payers who want to be sure that you are going to be financially comfortable for your retirement years. It is not enough anymore to just rely on your Canada Pension Plan, or Old Age Security pension to make your later years in life comfortable.…
As adults that have gone back to school either full or part time we often don’t think of ourselves as students when it comes to our taxes and, therefore can miss out on some important Canada tax credits that are applicable to students. You may consider that while there seems to be several small tax credits…
