Beware of tax audits and investigations - Wed, 17 Jun 2009 15:05:34 GMT
Although Canada's income tax system relies primarily upon self-assessment by taxpayers and "voluntary" reporting of tax liabilities, the CRA is always looking over its shoulder to ensure compliance.
Sooner or later? When to start CPP - Mon, 08 Jun 2009 17:44:50 GMT
New rules calculating payments can alter your tax bracket.
Nortel employees rolled the dice with options - Sat, 30 May 2009 00:01:37 GMT
Nortel employees who received and exercised employee stock options face a looming problem called "phantom income."
Taxman now has a name and number - Sat, 23 May 2009 00:01:44 GMT
A new era of government accountability has dawned. Canada Revenue Agency has announced that when you phone in, you will now be able to find out the identity of the call agent who handled your tax enquiry
Shelter Inc.? - Wed, 03 Jun 2009 15:02:11 GMT
IF YOU OPERATE your small business through a corporation, no doubt
you are fully aware of the two main potential tax advantages: a
preferential corporate tax rate on the first $500,000 of "active
business income" as well as access to the $750,000 lifetime
capital-gains exemption, which may be used to shelter from tax some
or all of the capital gain on the ultimate sale of your business.
Tax strategies entrepreneurs often overlook - Wed, 20 May 2009 20:54:38 GMT
To see whether your company has untapped sources of cash, take time to consider tax-planning opportunities. You may be able to save on taxes, recover sums already paid, or otherwise improve your company's cash flow.
Not over till the tax judge says so - Mon, 04 May 2009 15:42:51 GMT
You've filed your 2008 tax return, hopefully, so you've done your part. The next step is in the hands of the tax man.
What should I do with my tax refund? - Fri, 01 May 2009 20:45:40 GMT
You could indulge by spending your tax refund or you could use that cheque to get even more money from the government.
A new twist to pension splitting - Thu, 16 Apr 2009 18:06:40 GMT
Pension splitting will save you tax if your spouse or partner is in a lower tax bracket. But it can even work to your advantage if you are both in the same tax bracket.
Getting kids off the couch - Tue, 14 Apr 2009 11:02:42 GMT
Strangely enough, there is no better time to talk about getting your child in shape and away from video games and television than tax season.
Home Renovations with a tax payback - Thu, 09 Apr 2009 20:18:38 GMT
The federal Home Renovation Tax Credit is one way that homeowners can directly benefit from the government's attempt to stimulate the Canadian economy. But there are things you need to know.
Tax returns for kids - Mon, 06 Apr 2009 16:01:55 GMT
Filing a tax return early in life can bolster the amount that can later be socked away in an RRSP.
Six ways to file your taxes - Mon, 27 Apr 2009 17:17:49 GMT
What, taxes still not done? Slacker. With the April 30 filing deadline looming, it?s time to render unto Caesar what?s his. Here are your personal tax preparation options:
Taxing bonuses may be bad policy - Mon, 30 Mar 2009 14:41:54 GMT
As the debate rages south of the border on whether to tax or
claw back the bonuses of executives from companies that received
funds from the United States' Troubled Asset Relief Program (TARP),
the bigger question raised is whether taxing the money back,
retroactively, is sound tax policy.
What if you left the grunt work to the government? - Wed, 25 Mar 2009 18:00:15 GMT
Imagine if you could simply throw all your receipts into an envelope with a blank tax return and leave all the grunt work to the tax man, who is probably best equipped to fill in the increasingly complex tax forms.
The one per cent solution for couples - Mon, 16 Mar 2009 16:01:49 GMT
In just over two weeks, the government's prescribed interest
rate will drop to an all-time low of 1%, providing couples a
significant income-splitting opportunity.
Top 10 tax tips for 2009 - Mon, 05 Jan 2009 17:05:14 GMT
Ten things you can do to save on your tax bill.
No clawbacks for TFSAs, but a few drawbacks - Fri, 13 Mar 2009 19:02:00 GMT
A plan that allows tax-free withdrawals of contributions and returns, re-contribution of withdrawals, no maximum age for contributions and no clawback of government social benefits like Old Age Security seems too good to be true.
Three methods to tax-instalment madness - Mon, 09 Mar 2009 16:03:32 GMT
If you've recently received your March reminder from the Canada Revenue Agency notifying you your first 2009 quarterly tax instalment payment is due, you may want to consider a few things before paying it.
TFSAs ? more than savings accounts - Fri, 09 Jan 2009 21:01:03 GMT
While the launch has been rocky due to bureaucratic foot-dragging at some of the banks, it?s clear that tax-weary Canadians are eager to embrace these new accounts.
Biggest tax break since RRSPs? Who knew! - Wed, 04 Feb 2009 17:00:21 GMT
When financial author Gordon Pape published Sleep Easy Investing early in 2008, he swore he?d never write another book about personal finances. But then the February budget produced a revolution in how Canadians can save money tax-free.
Payroll tax hike blunts other cuts - Mon, 29 Dec 2008 22:01:58 GMT
Canadian workers and their employers will pay up to $188 more next year in payroll taxes, the steepest annual increase in more than half a decade, a national tax watchdog group warned Monday.
There's no free lunch - Fri, 08 Aug 2008 16:03:54 GMT
We love prepared food, and guess what, we're paying 8% tax for that love. Marred by Taxes on video
Marred by Taxes: Pay up! It's your duty - Fri, 25 Jul 2008 16:00:38 GMT
Shopping in the United States is a national pastime for Canadians; so's trying to avoid duty charges.
Marred by Taxes: It's taxing cats and dogs! - Fri, 18 Jul 2008 17:00:16 GMT
This week's Marred by Taxes video looks at a Toronto sting operation nabbing unlicensed cat and dog owners. Meow!
Marred by Taxes: BCE - Fri, 11 Jul 2008 22:07:52 GMT
It?s starting to look like the owners of Canada?s mostly widely held stock are about to become the most widely taxed, says Financial Post's Garry Marr in the latest video instalment of Marred by Taxes
Marred by Taxes: Uncle Sam zaps Zipcar - Fri, 04 Jul 2008 20:00:12 GMT
Car sharing may be good for the environment, but governments in the U.S. would rather take the cash, says Garry Marr in the latest Marred by Taxes video.
Marred by Taxes: Gas taxes - Thu, 26 Jun 2008 22:56:41 GMT
Video: As gas prices go up, guess who's getting richer? Garry Marr tackles gas taxes
I object! How to fight after filing - Thu, 26 Jun 2008 23:00:07 GMT
You've filed your 2007 tax return and are anxiously awaiting your Notice of Assessment. What if the Canada Revenue Agency
disagrees with your filing position or denies some of your business expenses?
A simple guide to estate planning - Tue, 22 Apr 2008 22:00:28 GMT
Planning your estate is first about attending to your will. Perhaps, much more. A well-thought-out estate plan ensures that your family is cared for should anything happen to you. It?s one important pillar of managing your wealth.
How to Guide to lowering your tax bill - Wed, 26 Mar 2008 18:08:12 GMT
Tax changes and the budget; Tax strategies for employees; Tax tips for investors; How to maximize retirement tax benefits; Income splitting
Tax-free savings plan may benefit young and old - Fri, 07 Mar 2008 22:00:10 GMT
The Tax-Free Savings Account announced in the federal budget will be a great companion to the Registered Retirement Savings Plan for many people, and even better than an RRSP for some.
GST cut likely the last, Harper says - Mon, 31 Dec 2007 19:00:14 GMT
Prime Minister Stephen Harper said on Monday that a New Year's Day cut to the country's sales tax will likely be the last.
Flat tax simply better, report argues - Fri, 04 Jan 2008 21:00:22 GMT
A flat tax on all incomes would not only be more efficient economically but would allow taxpayers to file a simple postcard-sized tax return, according to a report by a right-wing think-tank aimed at resurrecting interest in a single-rate federal income tax system with few exemptions or deductions.
Taming your tax liability - Thu, 31 Jan 2008 19:00:09 GMT
Good succession planning includes a solid tax strategy.
According to tax specialist Paul Woolford, partner with KPMG's
enterprise services, most small businesses are doing a pretty good
job with their accounting, but a large percentage of them are not
taking advantage of all the tax-minimizing strategies available to
them.
Audits do not happen randomly - Wed, 02 Jan 2008 16:00:09 GMT
There are no random audits," says William V. Baker, commissioner and chief executive of the Canada Revenue Agency, as he addressed attendees this past week at the Canadian Tax Foundation's annual conference in Montreal.
Canadians flunk tax test - Thu, 31 Jan 2008 19:00:06 GMT
When it comes to knowing about tax rules that could save them money, Canadians aren't making the grade. That's the conclusion of the Great Canadian Tax Test, a recent survey commissioned by mutual fund company Mackenzie Financial. The average Canadian got only three of 10 answers right on the survey of common personal taxation rules.
