Find out what types of income add to the calculation of deduction room
Post-secondary students with little or no income can still take advantage of tax credits and deductions. Make sure clients with children at university and college get their kids to file their taxes and claim the benefit payments they’re entitled to. Read: Coach clients with a newly empty nest Courtesy of CRA, here are the top […]
What is the T3, and how does an executor file it properly?
As tax season approaches, CRA is reminding seniors to make the most of the benefits and credits for which they’re eligible. Read: Essential tax numbers: updated for 2018 Here are some of the most common things seniors could claim on their tax returns: Pension income splitting. Pensioners might be eligible to split up to 50% […]
Tax planning for business owners always requires vigilance, and this is particularly true this year
Clients might want to get a head start on their 2017 taxes. That’s because this year’s window to file taxes is the shortest in electronic filing history, notes H&R Block Canada in a release. “This year, the Canada Revenue Agency (CRA) will open its e-filing the latest it has ever opened since its introduction in […]
What to think about before clients buy in a foreign market
New this year for trust administrators and their reps: a simple T3 trust income tax and information return (T3RET) can be filed online using CRA’s internet file transfer service. A simple return means the trust’s taxable income, total taxes payable and refund or balance owing are $0, says CRA’s website. Online filing for simple trust […]
How, when and why to ditch a loser
Small businesses are clearly underwhelmed by CRA. The Canadian Federation of Independent Business (CFIB) gives the agency a C-grade in its latest report card. The grade hasn’t improved since the federation’s last report card in 2015. Read: CRA’s 2018 maximum pensionable earnings and other numbers “In recent years, the CRA has made efforts to improve […]