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So you have retired and have reached the wonderful age of 65, and are looking forward to receiving your first OAS pension check and most probably your CPP pension. In addition to this you have made some sound investments over the years and you have set yourself up financially for your golden years. Now from…
It is not uncommon for small businesses to share their frustrations with their accountant concerning the growth of their business. Very often an experienced accountant can offer a lot of good tax planning advice to help companies move in the right direction. For example, these financial experts can often discern when it would be more…
Of course being in the midst of tax season means that you are focusing on getting your taxes done for the past tax year. It always takes time to gather up all the pertinent information you are going to need for your return, and at the very least you may be waiting on some…
Many individuals, over the years have taken to foreign investments as a way to pad their income for their retirement years. Lately with the big stir about tax evasion through off shore accounts it has caused the Canadian Government to scrutinize where tax payers are investing their money outside of the country and how it…
There is often a saying that goes around that the “rich get richer and the poor get poorer”. So when the phrase Ontario wealth tax hits the media it does cause some various thoughts from both sides of the fence. The average income bracket thoughts…. For those that are in an average income bracket…
Not all that long ago there was a lot of hype about the off shore tax evasion, and Canada’s course of action. Overall it would seem that the CRA is making general steps to crack down on what they consider perhaps as weak flaws in the tax system. This brings to the Canada tax rules…
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…
The Canada Revenue Agency (CRA) makes every effort to put out bulletins and pamphlets for individuals and businesses to better understand the tax laws, and the public’s obligations to these laws. Like any rules and regulations the actual laws for taxation in Canada are complex and difficult to understand for the general public. This is…
