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Tax tips for students

The CRA provides a handy list of potential tax benefits and credits

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Tax preparer gets jail time for fraud

Clients' tax returns were filed with phoney charitable tax credits, business losses

  • By: Staff
  • February 10, 2020 February 10, 2020
  • 12:55

Sprinkle the income, but beware the tax

A TOSI case study

Testing of T1135 penalties continues

The latest court case highlights the importance of filing on time

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RRSP account size rose in 2019, finds BMO study

And more Canadians hold RRSP accounts than in 2018

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Liberal income tax cut could benefit top earners: PBO

A high earner could benefit by claiming a tax credit for a spouse or child who earns little or nothing

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CRA call centres get a “D” on CFIB’s report card 

Business group says overall quality of service lower and wait times longer than in previous survey

Sir Oliver Mowat statue at the Ontario Legislative Building in Toronto

Ontario’s tax cut for small biz becomes official

The drop in the small business rate, effective Jan. 1, was proposed in the fall fiscal update

  • By: Staff
  • January 6, 2020 January 6, 2020
  • 11:38
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Top 10 tax and estate articles from 2019

From an election-year budget to an advantages folio update, a look back on the year in tax news

  • By: Staff
  • December 23, 2019 December 23, 2019
  • 12:00
Parliament buildings in winter

Feds delay changes to employee stock option deductions

Details will come in the 2020 federal budget, Finance Minister Bill Morneau says

A piggy bank with a twenty dollar bill for the money saving mind set.

Finance releases climate payment amounts for 2020

Payments go to residents of provinces that have not adopted federal carbon pricing

  • By: Staff
  • December 16, 2019 December 16, 2019
  • 16:19
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Tax reminders for the end of 2019

At the close of the decade, make sure clients maximize their tax efficiency

Parliament buildings in winter

Liberal priorities to include stock option changes, luxury tax

New ministerial mandate letters also address OAS and CPP hikes

Is a holding company right for your client?

Breaking down the tax implications

Interior view of the Canada Commons of Parliament, Ottawa

How the federal tax cut will impact clients

Overstretched consumers may welcome the extra money but the boost to growth will be small, according to reports

The Rideau Canal in Ottawa, Canada

Liberals introduce tax amendments, promise fiscal update

The government will release its fiscal update before Christmas, Morneau says

Receipt

Average unused TFSA room rises 12% year-over-year

Total TFSA assets up 19% year-over-year

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Investing personally or in a corporation

How passive income rules factor in to the decision

TFSA contribution room

TFSA overcontribution woes continue

A taxpayer deposited a cheque into the wrong account

Lawyer

Advisor who didn’t report commissions sentenced

Ontario man did not report more than $2 million in commission fees

  • By: Staff
  • November 28, 2019 November 28, 2019
  • 11:45
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Beware this TFSA pitfall for young clients

Calculating contribution room is different for people born in 1992 or later

Essential tax numbers: updated for 2020

Use this handy list of tax numbers as a quick reference

  • By: Staff
  • November 27, 2019 January 9, 2020
  • 10:15
young businesswoman doing calculations in the office

TFSA limit for 2020 announced

Tell clients the details

File

CRA found more than $1B auditing smaller businesses last year

The average amount identified per small business audit was $137,000

Car token and dice next to the SUPER TAX space in a Monopoly game board

‘Punitive’ luxury tax panned by Scotiabank economists

The Liberal proposal rests on a "dubious" economic argument, a report says