Resting squarely at the top of the second page of the T1 personal income tax return, sits a question. On the 2013 tax return the question read: Did you own or hold foreign property at any time in 2013 with a total cost of more than CAN$100,000? See “Foreign income” section in the guide for more information. If yes, complete…
The 2014 3rd quarter edition of tax Tips and Traps is out! In this edition: Tax ticklers – Quick points to consider CRA checklist for small business Donations through your Will U.S. Tax Amnesty Directors liability Moving expenses Price adjustment clauses Travel expenses Verifying a social insurance number Foreign property reporting (T1135) relief! Internet business activities Download your copy of…
The 2014 2nd quarter edition of tax Tips and Traps is out! In this edition: Internet business activities Simplified HST reporting for small business Salary for owners and family members CRA audits of charities Tax costs of crowd funding Scholarship and training benefits Separation and the dependant tax credit Web tips for business Download your copy of Tax Tips &…
Our Q1 2014 Tax Tips and Traps newsletter is out! In this Edition Medical expenses and related travel costs Medical expenses and home renovations What is your marital status? Splitting up (Divorce) and transfers of property Fitness club dues as tax-free benefits? Insurance policy transfers Charitable donations of free rent Web tips for living in retirement Download your copy of Tax Tips & Traps.
Congratulations, you have reached a milestone and have finally retired. You are receiving a pension from your former employer and would like to split it this with your spouse under the pension splitting rules. What is Pension Splitting? If you receive pension income eligible for pension income tax credit, you can split up to 50% of this pension income with…
