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…
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…
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…
New 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…
Once 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…
First 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…
Foreign Income Verification Statement Question on T1 General Tax Return, T2 Corporate Return and T3 Trust Returns When you complete your Personal Income tax return for Canada there is a question on the front of the return which asks “Did you own or hold foreign property at any time in 2012 with…
It is so common for self-employed individuals or small Toronto businesses to really put off getting an accountant to look after their financial matters as it pertains to the business financials. Then at the end of the year as tax time roles around it is suddenly realized that there is a real need for a…
Whether your business is new or just starting up and no matter what the size, you need a core group of individuals to rely on to allow it to first become stable and then to grow. Even if you are the only one working for your business, there are resources that you will need to…
Most people who pay Canada taxes try to be sure that they follow all of the tax laws and meet their obligations as best as possible. Every year they are required to file their tax returns. For those living in the Toronto area they will many times rely on a Toronto accountant to assist them with this.…
