Blog

Updates to the Passive Income Taxes

Good news for business owners! Last fall, the Federal government was proposing this some changes to how small businesses are taxed. Happily, the changes are minimal, but you may still be affected. Passive Income If you have passive income in a company, whether it’s...

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Tax Season is Here!

Tax season is here! Hopefully, you’re pulling together your receipts (and they’re the right ones, see our article from last month) and if you’re a transit user, a parent, a newlywed or just plain gainfully employed, there are a few changes you need to know about when...

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Do you keep the right records?

With many of us living in smaller spaces and looking to cut down the amount of paper we have to store, an increasing number of people are asking if they can keep digital copies of their receipts – and how much or how little they have to hold onto for CRA compliance....

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The New Income Splitting

Income splitting is a hot topic these days, especially since the Federal Government changed the rules as of January 1. The change affects those who own a corporation and limits the ways that business owners can distribute income. Click here for more information on the...

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Financial Literacy – Tax Brackets

There is a lot of misunderstanding about how tax brackets work. I recently spoke about it at a seminar at the Centre for Social Innovation and below you’ll find the gist of the presentation. Many people hear the phrase ‘moving to a new tax bracket’ and...

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Can You Deduct Your Moving Expenses?

Yes, but you have to be moving 40 kilometers closer to work (or school). You can claim moving expenses if you’ve graduated from University and are moving back home - as long as school was more than 40km away from and you have a job! Often kids don’t move home without...

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