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Many times individuals that are no longer an employee start up a small at home business for themselves and don’t realize that technically they now have become self employed. This puts them in an entirely different tax position. You now have a whole gambit of potential business responsibilities that you are not familiar with.…
You are always hearing about tax credits which could make you feel a little better about having to pay taxes. The problem is you are only aware of maybe a few basic ones and you aren’t quite sure if there are any others that would be of benefit to you. The first thing you…
A Canadian tax payer has many different potential tax credits available to them, but in order to receive these they have to qualify for each one according to the regulations that govern them. Included in these are donations to charities which do not include the gift of money but other items of worth. For example,…
If you have organized yourself properly as a small business person then you are keeping your business finances and personal finances separate. You should be looking at your business as a separate entity even if you are not incorporated. Often when an individual is operating a small business and in many cases from their home…
As we are now in the tax season you really have to take a close look at your tax obligations and what is required of you. If you are involved in foreign investments then you need to be particularly diligent about reporting using the Form 1135, as the CRA will no doubt be closely…
While it is really nice to spend our Canadian cold winter months in the beautiful warm climate of the south, it doesn’t mean that you can avoid the Canada tax unfortunately. This is one responsibility that you will need to take with you while basking in the sun. Your stay away from home has…
As the year draws to an end lots of people like to start the New Year with a fresh start. This often means trying to clean up loose financial ends. Perhaps you have an outstanding tax debt and you really don’t have the funds to clear up your account with the CRA, but you at…
As the year draws to an end so do many other things, and it also means the beginning of a new tax year. You now have to deal with your tax responsibilities for the previous year, however. What you need to consider is what changes took place throughout the year that is going to…
