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A disability situation can make life difficult for the disabled person and their family. The person has additional expenses to support their disability needs. For this reason, the Canada Revenue Agency (CRA) provides a Disability Tax Credit as well as other disability benefits to help minimize their tax burden. However, many times taxpayers are not well-informed about...
Canadian university students qualify for many unique tax credits when they file their annual income tax return. Majority of students avoid filing a tax return. This is because they believe that they do not need to file as they have little or no income. However, students can and should file their tax returns just like any other...
The ease of movement between Canada and the United States leads to many Canadians owning properties in the U.S. and many U.S. citizens owning properties in Canada. Due to the popularity of Canadians owning rental properties in the U.S. to spend their winters, many tax articles tend to cover the taxation of U.S. property owned...
Times are changing as the Canada Revenue Agency (CRA) specially requested taxpayers for their consent to share personal details, such as their address, with Election Canada by putting a ‘check mark’ in the box located on their income tax return. With Bill C-51, also known as the Anti-Terrorism Act, the CRA will be able to share...
Canada has a reputation of being one of the most peaceful countries in the world, making it a desirable location for many immigrants to settle. Unfortunately, the slow citizenship application process has been quite a hindrance for people trying to obtain status in Canada. Many immigrant who are living without proper documentation due to the...
On the 21st of April, the Federal Finance Minister, Joe Oliver, introduced the budget for 2015, which along with reducing the tax burden on parents (Read: Canadian Tax Deductions & Credits for Parents), intends to help Canadian businesses thrive in the global economy. Here is a brief overview of the 2015 Canadian Budget outlined by...
Being a U.S. person (subject to U.S. taxes) living abroad can at times be the beginning of a U.S. tax nightmare. This can appear to be quite unfair, especially when one has had a Canadian residence established outside of the U.S. for quite some time. If you are an American citizen or green card holder, it is...
Canada has long been one of the preferred places to complete film projects by foreign producers due to the various federal and provincial tax credits available. The Canadian government has been proactive in encouraging investment by domestic and foreign producers by instituting tax credits to help offset the cost of production. This has had a...
[image url=”http://www.agtax.ca/wp-content/uploads/2011/06/non-resident-income-tax-on-sale-of-canadian-property.jpg” alignment=”center” margin_left=”0″ margin_right=”0″ margin_top=”0″ margin_bottom=”0″ width=”600″ height=”300″] A house can be one of the most expensive purchases in an average person’s life. Certain questions regarding budget, funding, and future mortgage payments can make the thought all the more daunting. Fortunately, the Canadian government understands this well and promotes the use of plans like...
Tax Free Savings Accounts (TFSAs) are one of the most convenient ways for most Canadians to build up tax-free assets to fulfill their financial goals or build up an emergency fund. However, most Canadians seem to be unsure in regards to certain rules applicable to TFSAs, which could lead to severe penalties. The Canada Revenue...
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