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Now that the 2012 tax year is over and you have already received your refund or paid your balance owing, you may ask yourself when is a good time to contribute the RRSP account? Typically most people make their contributions in the first 60 days of the following year. So you might be waiting until…
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Now that the kids are out of school it’s great to be able to spend time with them, but it often means additional expenses when it comes to keeping them entertained. It could also mean having to provide care for them if both parents are working. So do any of these added expenses qualify for…
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Many Canadian tax payers become quite frustrated with the tax system because of the concept that the more money you make, the more tax you have to pay. For those individuals that are real “go getters”, and are working many hours in order to generate a large amount of income they sometimes feel like they…
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Just paying attention to your Canada tax situation when tax season rolls around, can end up costing you some tax credits. One of these could very well be a credit for your travel expenses that occur as a result of you having to travel in excess of 80 kilometers away from your home for medical…
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Most people are just so happy to get their taxes filed and ready to be forgotten about for another year that they really don’t give much thought to the inner workings of the Canada tax department and their methods for verifying the multitude of tax returns they receive each year. Having a little understanding of…
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Making a quick call to the CRA probably doesn’t seem like all that big of a deal for you, especially if it’s a fairly common question that you have to ask. If it is a bit complex or has something to do with the answer having a significant impact on your business then you may…
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Whenever there is an opportunity to find a bargain then it is worth taking a second look at. When the bargain happens to be by saving a few tax dollars then it really is worth paying attention to. Most of us seem to take great satisfaction of being able to find ways where we have…
DetailsNew Taxpayer Right It is not too often that we seem to get good Canada tax news, but it would appear as though the Canadian Government wants to create a better relationship with tax payers. As many of you know we do have a document called the Taxpayer Bill of Rights. Up until now…
DetailsOnce you have filled out your income taxes for the year, and you hit that bottom line where you happen to be one of the unfortunate ones that have to pay, how do you go about it? The CRA of course expects you to make the immediate payment by sending the money along with your…
DetailsFirst of all you need to have a basic understanding what a CRA(Canada Revenue Agency) notice of assessment (NOA)really is. It is basically an invoice of your tax account. It should contain all of the pertinent tax information concerning you. In order to really understand it in its entirety and particularly if you do not…
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