Tag: Tax

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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How to save money during an unemployment period | Tax | Money Savings

| April 13, 2017 | 9 Comments

Going through an unemployment period in one’s life is never fun. It is a phase that can lead to a lot of stress and disharmony in the self and family. However, after the initial stress and shock of unemployment has passed, this moment can also offer incredible opportunity to refocus one’s life and career plans. […]

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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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