Personal Liability for Corporate Directors – A Warning
If you or someone you know is the director of a corporation, be warned: you may be on the hook personally for amounts owing by the company to the Canada Revenue Agency (CRA).
Are You Eligible To Claim Employment Expenses?
Good News - Tax Deductions are Available! If your employer allows you to work from home, or if you are an employee that earns commission income, the Canada Revenue Agency (CRA) allows you to deduct certain expenses on your personal tax return. These…
Tax Credits for Medical Expenses
At tax time every bit of relief helps, which is why it is important to fully understand all of the potential tax savings available to you. Every tax situation is unique and people often miss out on tax credits or…
Reporting Income on Rental Property or Suites
If you own rental property or have a rental suite in your home, the Canada Revenue Agency (CRA) requires you to report any income on your tax return. How do you satisfy this reporting requirement without triggering undue CRA scrutiny of your…
Filing a Tax Return as a Self Employed Individual
FACT Filing a tax return with self-employment income requires more due diligence than filing with only employment income. FACT Self-employment income is scrutinized more closely and audited more regularly by the Canada Revenue Agency. FACT We can help. As an employee, all…
School Supply Tax Credit for Early Childhood Educators and Teachers
Good news for teachers paying out of pocket for classroom supplies! A new tax credit is now available to teachers (and qualifying early childhood educators working in a regulated child care facility) to help defray the cost of classroom supplies…
Sell your home? Better tell the tax man
New reporting requirements have recently come into effect that requires all Canadians to report the sale of their home on their tax return. Even though there will generally not be any taxes owing on the sale (see below), if you fail…