Side hustle do’s and don’ts

Don’t forget: It’s a business

A side hustle can be a good way to bring in some extra pocket money over and above your full-time job. But don’t forget: It’s a business. That means accounting, invoices, receipts, and taxes. Here’s a look at what’s involved in creating a business on the side. Handle it right, and it could become your full-time hustle. READ MORE

Cottage tax traps

Getting away from it all with the CRA

Cottages and cabins in the woods or by the lake are an iconic Canadian getaway. Most owners of recreational property happily deal with maintenance issues for the chance of that glorious sunset, water-skiing, or a dip in the lake. What they don’t count on is that silent partner, waiting to take their cut when it comes time to sell or transfer the place to their kids. Here’s what you need to know. READ MORE

When the CRA comes calling

Refunds and reassessments

Around this time of the year, most taxpayers who filed a tax return in April will be receiving a Notice of Assessment, perhaps with a refund cheque, or what’s worse, a Notice of Reassessment, often with a demand for more tax payment. It’s important to deal with these issues, because each can have an impact on your tax planning for the year. READ MORE

Be sure to claim all your credits and deductions

Don’t leave money on the table

Are you taking all the tax deductions and tax credits you’re entitled to? If you’re a do-it-yourself-type, you may be missing out on some lucrative tax savings because you’re not claiming everything you should, even if you’re using top-quality tax-preparation software. READ MORE

Investment expenses you can deduct

Sorry, it’s a short list

Tax-filing season is upon us, and at this time of the year I get many questions about the kinds of expenses that investors can deduct. Novice investors, especially, have a kind of starry-eyed idea about deducting everything from their subscription to an investment newsletter to the fee they paid to their tax preparer to interest on money borrowed to invest. Unfortunately, the Canada Revenue Agency (CRA) long ago twigged to this type of thing, and the list of the deductible investment expenses (called “carrying charges” if you want to get technical) has dwindled and become very circumscribed. Here’s a quick review of what’s allowed and what’s not. READ MORE

Year-end tax and investment planning tips

They could save you a bundle

Even though most of us are preoccupied with other things at this time of year, there is a handful of year-end investment and tax tips that make a lot of sense to look at now. That’s because they could save you money now and next April, when it’s time to pay your taxes.

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Oops! The CRA wants more – now what do you do?

You can fight with a Notice of Objection

Taxpayers start getting tax refunds from the Canada Revenue Agency in April and May. That may be a cause for celebration. But if you get a Notice of Re-assessment, it can contain a nasty surprise, complete with demands for more tax payments along with penalties and interest to boot. But if you think you’re in the right, there is a way to appeal that Notice. READ MORE

Don’t overlook these deductions and credits!

They could help cut your tax bill

Tax-filing season is here, and the deadline for filing your tax return is April 30. There are in fact some 94 personal tax deductions and credits available. Not all apply to everyone. And many are often overlooked, even if they do apply. Here’s a rundown of the most commonly missed credits and deductions. Consult with your tax preparer to see if they apply to you. READ MORE

Which investment expenses are deductible in 2017?

Not everything is, so make sure you claim the correct ones

With year-end rapidly approaching, many investors have been going through their financial statements and slips to see what kind of investment or investment-related expenses they’ve paid through the year, and which ones might be deductible on their personal tax returns. The bad news is that the types of expenses you can deduct are limited. The good news is that they’re typically the biggest ones, so be sure to claim them to get the maximum tax benefit. Here’s a summary of the do’s and don’ts of investment expense deductions. READ MORE

Year-end tax tips

Act before Dec. 31 to get these tax benefits for 2017

The holiday season is fast approaching. And with the lights and festivities, investors and taxpayers will also have visions of year-end tax planning dancing in their heads. Well, maybe not, but there are certainly plenty of year-end tax-planning ideas you might want to consider that could save you big tax bucks come next April. Here’s a summary: READ MORE

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