Tag: Tax credit

Crossing the border can be taxing | Tax | Money Savings | Larkycanuck.com

| September 12, 2017 | 0 Comments

Sharing the border with the U.S. means it is relatively easy to cross the border for a holiday or to visit an outlet mall. Infrequent visitors who are in the U.S. for 31 days or less a year are considered visitors and are not generally subject to U.S. income tax. However, Canadians spending more time […]

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4 common tax mistakes made by students | Tax | Money Savings

| July 14, 2017 | 3 Comments

Mistake #1 – Filing only after turning 18 A common mistake made by young folks is not realizing that you have to file a tax return when you are earning taxable income and not just after turning 18. In other words, you may be a dependent while earning income (summer jobs, online work) but you are […]

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Marriage and Taxes | Tax | Money Saving Tips

Marriage and Taxes | Tax | Money Saving Tips

| September 4, 2016 | 0 Comments

The biggest events in life also have big tax implications. Saying “I do” is among the biggest of life’s changes, and from a tax perspective it’s right up there with..well…death. One common misunderstanding is that the Canada Revenue Agency distinguishes between marriages, common-law relationships and civil unions. It does not. Similarly, the CRA treats same-sex […]

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Vehicles for Business: Auto deductions | Tax | Money Savings

Vehicles for Business: Auto deductions | Tax | Money Savings

| September 1, 2016 | 0 Comments

Car-related tax deductions exist, but the rules are fairly restrictive If you use a vehicle to earn employment or business income, the Canada Revenue Agency allows you to make some auto-related deductions on your tax return, but the government cannot be said to be generous in this area. Those who lease a vehicle can claim […]

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Family Business: How SME income-splitting works | Tax | Money Savings

| August 23, 2016 | 2 Comments

It’s exhilarating and liberating to watch your small business grow and become a success. After long hours of stress and hard work, you’re finally on the map. But as your unincorporated small business begins to thrive, its increasing revenue may begin pushing you into a higher tax bracket. The potential for income-splitting within the family […]

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