There are a few layers to this question, Marc, so I’ll break down the answer into three parts: business income vs. capital gains, what records the Canada Revenue Agency (CRA) might ask for, and...
— Anonymous FPAC responds: Tax season is over and many do get excited when anticipating a big tax return. But if you owe money, on the other hand, you might feel a little defeated—or...
After two long years spent mostly at home, many of us are itching for a fun getaway. Plus, with the epic delays and flight cancellations at Toronto Pearson right now, a road trip has...
I am not familiar with any Smith Manoeuvre calculators, Warren, but I can try to simplify the math a bit. First, what is the Smith Manoeuvre? It was developed by Fraser Smith in the...
The rules around RRSP contribution room As soon as a taxpayer starts to earn income—like employment income, self-employment income, royalties, research grants or net rental income—they accumulate room for their registered retirement savings plan...
A friend said I should apply for OAS right away even though it will all be clawed back. I am worried about the tax ramifications. —Greg Old Age Security (OAS) can start as early...
— David The principal residence exemption allows a homeowner to sell their home and receive the proceeds tax-free. A home can include a house, an apartment, a cottage, a mobile home, a trailer or...
Try to avoid putting U.S.-based dividend-paying stocks or ETFs in the TFSA. Instead,put those into your RRSP or your registered retirement income fund (RRIF). Canadian dividends and interest belong in TFSAs, as do speculative...
Changes to income taxes for 2021 The past two years have been unpredictable to say the least—and that uncertainty applies to filing our tax returns, too. CRB or T2200, anyone? If you don’t know...
With that in mind, here are some of the deductions and credits that you should check to see if you are eligible to claim this year—along with their potential tax savings—to make sure you...