Articles

In 1945, the Canadian tax return package was only 3 pages. Today, the T1 General is 4 pages, plus there’s a 4 page worksheet, 13 schedules and depending on your province of residence, an additional 2 to 5 pages for provincial taxes and credits. That’s up to 26 pages in the 2013 tax return package! … Read more

Does the success of your farm or business have the unwelcome consequence of a large tax bill to pay on your taxes for 2013? Are you concerned about personal liability from the risks of your business? Perhaps you’re asking yourself, “Is now the time to incorporate my business?” There are 3 main forms of business … Read more

Do you have your papers and records ready for your 2013 tax return? It can be a hectic time getting ready and it’s easy to miss something. Use the following information to help you get through this tax season and ensure you receive all the credits and deductions you’re entitled to. A few weeks ago … Read more

Proceeds of Insurance Tax Free to Shareholders Insurance can be complicated, but introducing tax implications related to corporate life insurance plans raises the complication factor enormously. There are 4 types of life insurance:
 Group term life insurance may be offered by a company or partnership for life and accidental death and dismemberment (AD&D) coverage to … Read more

Starting last year with 2012 tax returns, CRA mandated that all tax preparers electronically file all T1 (Individual) and T2 (Corporate) tax returns. The number of electronic filed tax returns continues to grow and now accounts for 76% of all T1 returns filed. Some Stats on Efiles Category 2012 Tax Year % change from 2011 … Read more

It’s Tax Season! Are You Ready? Tax preparers are gearing up for tax season and booking appointments to complete 2013 taxes. Do you have all of your bookkeeping and records ready? Here’s a checklist of documents and information you’ll need when you meet with your tax preparer. Individual Slips and Receipts 2012 tax returns and … Read more

We’re 2 weeks into the new year. How are you doing on your New Year’s Resolutions? Health is a common theme in many New Year’s resolutions, but have you made a resolution this year to improve your financial health? Here are 4 tips that you can follow to improve your financial health in 2014. 1. … Read more

The 2013 budgets released in the Spring of 2013 brought a few changes that will affect your taxes this year and perhaps put more money in your pocket. First-Time Donor’s Super Credit If you or your spouse hasn’t claimed the charitable deduction tax credit in the past 5 years, you’re eligible for this one-time tax … Read more

You’re probably aware of the March 3, 2014 deadline for RRSP contributions to apply the deduction against your 2013 taxes, but are you aware that December 31 is also a significant date when it comes to your RRSPs? Be sure you don’t have any non-qualified investments in your RRSP If you have a self-directed RRSP, … Read more

That’s right! 2003. File For Your 2003 Taxpayer Relief Before December 31, 2013 It may be hard to remember what happened 10 years ago, but there may actually be money you’re leaving on the table that you’ve forgotten about. You have until the end of this year to make a request to the Canada Revenue … Read more