Articles: Archived News

Without a log book for mileage to track business versus personal use, the Canada Revenue Agency (CRA) could deny many tax deductions and claims you have for vehicle usage and result in you paying higher taxes. CRA requires a detailed log book to substantiate the deductibility of vehicle expenses and will often flag vehicle expenses … Read more

As post-secondary education costs skyrocket, especially for students who must live away from home, it’s never too soon to start saving for one of the most important gifts you can give your children.

Your RRSP might be able to help.

If you’re like the majority of taxpayers you have set up a registered retirement savings plan (RRSP) to save for a more comfortable retirement.

Their arguments might sound convincing, but those who say governments lack the constitutional power to impose taxes are off base. Eldon Warman, originator of a grassroots “de-tax” movement that started in Western Canada, has claimed for several years now that people can lawfully refuse to pay taxes or file tax returns. Despite Canada Revenue Agency … Read more

For Canadians buying US funds for a trip south of the border, an improving exchange rate can be a welcome turn of events but for those holding investments or conducting business in USD having currency-related gains or losses that, if realized, need to be include them in their tax returns.

Don’t miss an opportunity to pay your spouse and your children for work done to help the business. Canada Revenue Agency (CRA) has no problems with you paying family members as a tax-saving strategy so long as you meet two key conditions.

If you run a farm or other small business, be prepared for a tax auditor’s call. Previous reviews of Canada Revenue Agency’s (CRA) practices by the Canadian Attorney General’s office flagged “small and medium enterprises” (SMEs) for high levels of “non-compliance” with tax legislation.

Farming is big business. And big business is knowledge-intensive. Like other successful business people, farm operators need to acquire, maintain, and upgrade business skills and technical know-how on a regular basis. It’s the only way to keep pace with changes in their industry.

The principal residence exemption is one of the largest tax breaks in the Canadian personal tax system. It can entirely eliminate tax on capital gain incurred when a principal residence is sold. For a property to qualify as your principal residence in a given tax year, you must first own it in that year, or own it jointly with another person.