Tag: CRA
Two simple tips on tax savings over holiday season | Tax | Money Savings
Holiday season is around the corner folks! The mood is festive, the gifts are flowing, the music is playing and the lights are growing. Yes, it indeed a very jolly good time of the year. But while this moment lasts for a short time for you, it happens to continue for a very long time […]
Marriage and Taxes | Tax | Money Saving Tips
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 […]
Vehicles for Business: Auto deductions | Tax | Money Savings
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 […]
Family Business: How SME income-splitting works | Tax | Money Savings
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 […]
Self Employed? Your Tax Deadline Is Coming | Tax | Money Savings
Frequently Asked Questions From The Self-Employed Do I really need to fill out a T2125? Yes. Even if you are a student with a summer job that paid you as a contractor, you should still report the income on a T2125 Form and claim reasonable business expenses. It may be tempting to enter the income on […]
Crossing the border can be taxing | Tax | Money Savings | Larkycanuck.com
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 […]
4 common tax mistakes made by students | Tax | Money Savings
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 […]
How to save money during an unemployment period | Tax | Money Savings
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. […]
Follow Me Here!