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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...
As the social media world expands blogging and vlogging (video blogs) activities have been on the rise. These activities have become so profitable that many individuals have been pursuing it on a full-time basis, and earning significant income to support their lifestyle. Since blogging is sometimes treated like a paid hobby which can be pursued...
Now that most people have filed their tax returns, it is likely that many taxpayers would be receiving mail from the U.S. Internal Revenue Service (IRS). Some notices are for informational purposes only, which do not require a response, while some notices require immediate action. It is advisable that taxpayers should check all mail received from...
U.S. taxpayers are subject to taxes on their worldwide income, even income that is not reported on a tax slip (e.g. cash tips). Similarly, income from the rental of vacation homes may need to be reported as well. The tax rules may be further complicated in the case of non-resident U.S. vacation property owners. Therefore,...
Filing tax returns can be a daunting task, and once the taxpayer has filed for the current tax year, they need to start anticipating and preparing for the following tax year. It’s a never-ending cycle; and as this year comes to an end, here is an estimation of the tax brackets for 2016 based on...
The Patient Protection and Affordable Care Act (PPACA), also known as the Affordable Care Act (ACA) or ObamaCare was passed in 2010 and brought a multitude of changes to the Healthcare system, such as the minimum health care mandate. Not only does the Act bring in changes to the existing healthcare system, but it also has...
It is not uncommon to hear news regarding blockbuster movies being filmed in Canada. Other than its scenic beauty, Canada offers advantageous federal and provincial tax credits, incentives, and deductions to both domestic and foreign film production companies for carrying out film and television production in Canada, as well as hiring Canadian residents for labour. However,...
Rental property can be a great investment. If you are able to purchase a property and rent it out you could potentially have someone else pay your mortgage on the property. Maybe you want to buy a ski lodge in Whistler; maybe a cabin on the lake is more your speed. Either way, if you...
In 2012, the Internal Revenue Service (IRS) established an Identity Theft Clearinghouse (ITC), which along with the Criminal Investigation (CI) Field Offices has received over 7,600 individual identity theft leads to date, involving approximately 1.47 million returns with over $6.8 billion in refunds claimed. The department carried out 1,063 identity theft related investigations in 2014,...
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...
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