Articles

For many, tax planning means the once-a-year mad scramble to organize all the necessary paperwork right before the tax filing deadline. In reality, this is not tax planning. Real tax planning requires a comprehensive approach to your finances and should be tackled year-round. To reduce the anxiety, careful planning for your tax obligations should be … Read more

Earlier this week, we mentioned a news article that highlighted recent increases in the values of farmland. That article discussed the possibility of accessing the equity you may have in your home or farm property to reinvest in the business. Along with the increased land values, Canadian farmers will be faced with an increased tax … Read more

A recent news article discussed increases in the values of farmland almost doubling in the past 4 years. A report from RE/MAX says since 2010, the price of one acre of farmland in Middlesex, Elgin and Lambton counties has gone up by about $7,000 dollars. This is good news for farmers looking to purchase new … Read more

Well, we are in the midst of back-to-school week. For parents it seems like everyone has a hand or two out asking for money… $75 for school supplies. $500 for text books. $25 for student activity fee. $60 for the yearbook. $200 for the latest smartphone. Ugghhh! It’s not all bad news, however.  Earlier this … Read more

Fall is right around the corner and you’re likely ramping up for the harvest. Taking on more workers may mean more mouths to feed around the harvest table and you’re probably wondering if you can deduct the extra expense. Under the right circumstances you can claim 100% of the cost of these meals as a … Read more

Earlier this summer, the Canadian federal government announced the launch of a strengthened Foreign Income Verification Statement (Form T1135) as one of the Economic Action Plan 2013 measures to crack down on international tax evasion and aggressive tax avoidance. In this announcement, Canadians who hold foreign property with a cost of over $100,000 will be … Read more

A great way to save money on your tax bill is to submit a medical expense claim.  The rules regarding qualifying for a non-refundable medical tax credit as outlined by Canada Revenue Agency (CRA) are pretty straightforward. Criteria for Claiming a Medical Expense on Your Taxes The medical expense must have been paid within any … Read more

Avoiding your bookkeeping until tax season is like staying up all night to cram for a test the next day. Either way, you’re very likely to fail, and in the case of neglected bookkeeping, that could mean missing out on tax credits or deductions. It could also mean fees and penalties from CRA from a … Read more

Your children’s and grandchildren’s education is very important. And, with the costs of tuition fees and text books on the rise, it’s vital that you take the time to carefully plan the financing of their education. A registered education savings plan (RESP) is a great way to put away money for your children’s and grandchildren’s … Read more

Markets have not been performing well for the past few years; however July did see an increase in equity markets. And you likely saw this reflected in recent retirement savings plan statements. If you turn 71 this year, you must convert your RRSP into either a registered retirement income fund (RRIF) or an annuity by … Read more