Articles: Archived News

Learn more about your rights as a Canadian taxpayer and what you can expect when you deal with the Canada Revenue Agency (CRA).

Considerable tax savings can be realized from electing to file a rights or things return after the death of a loved one in addition to a final tax return.

The federal government’s Children’s Fitness Tax Credit helps parents seeking support for ferrying their children far and wide to hockey, soccer, swimming and other sporting activities will receive financial relief, but not much. The program provides a non-refundable tax credit that applies to eligible expenditures incurred to enroll children in organized, qualified physical activities.

Farmers with off farm income are probably familiar with Section 31 of the Income Tax Act. It provides the rules for how much of any farm losses a taxpayer is able to write off against his income from all sources.

Transferring land or money from a deceased family member’s estate may entail an unexpected future cost to the beneficiary.

Many farmers use the cash method of accounting; however, there are benefits to using the accrual method of accounting.

Many farmers use the cash method of accounting; however, there are benefits to using the accrual method of accounting.

When the Canada Revenue Agency website flags a “tax-free” scheme as something to avoid, listen. If the words “tax-free” and Registered Retirement Saving Plan are combined in the same sales pitch, run for the hills.

Does your portfolio contain foreign investments? CRA has its sights on undeclared foreign income. Foreign investments, including property, are not immune to scrutiny.