If you're a home owner, chances are you've already received your property tax notice.
Category: Taxation
Forgot to file your taxes, now what?
If you are an employee, the deadline to file your taxes with Canada Revenue Agency was April 30th. If you are self-employed, you have until June 17th to file....but if you owe you had to pay by April 30th. If you happen to not have filed your taxes by April 30th, you may be wondering …
The higher tax-bracket myth
Very often, I hear people complaining about paying more taxes as a result of working overtime, taking a second job or receiving a bonus.
RRSP myths debunked
As 2016 is slowly but surely coming to a close, it will soon be tax season again.
I want to broach on the biggest RRSP myths that are still circulating around.
Common tax deductions and credits for individuals
As tax season is in full swing, let's take a look at the most common tax deductions and credits in Canada for individuals A tax deduction offsets your taxable income, whereas a tax credit offsets your tax payable. Tax credits are either refundable or non-refundable. A refundable tax credit will both decrease your tax payable …
Continue reading Common tax deductions and credits for individuals
After filing your tax return
Most Canadians don’t really give much thought about what happens once they have filled their taxes with C.R.A. Besides issuing refunds or collecting owed amounts, there are a few steps in between that could impact you. Pre-assessment review: right after you file, the deductions and credits you claim are reviewed to issue your Notice of …
Basic tax glossary
As tax-season is almost in full swing, I thought I would create a small glossary of the most common tax terms. They are not in any particular order. Average tax rate: (total amount of tax paid divided by total amount of taxable income) x 100. For example, if you paid $ 5 000 of taxes …
Large tax refunds aren’t that great
Every year, at the same period, it is the great race to the tax refund. Everybody hopes for and wants one; the bigger, the better.
