Late tax filing penalties could add up
Midnight tonight (April 30) is the deadline for Canadians to file their 2018 income tax returns. Everyone’s returns should be submitted to the Canada Revenue Agency (CRA) by this date, but it’s primarily anyone who owes money that should be concerned. Starting May 1, Canadians who owe money on their tax return will begin to […]
Read MoreWhy your neighbour’s kid is getting a better mortgage rate than you
Remortgaging your house can be frustrating, especially when you get a higher rate than a younger, new home buyer who is not as financially well off as you. Banks are willing to work with new home buyers who put little money down because they have their loan guaranteed by the Canadian Mortgage and Housing Corporation […]
Read MorePersonal Investor: CRA fails audit of itself
A new report from the Auditor General has found that the CRA has been failing in its duties, often violating the taxpayer’s bill of rights. Inconsistent practices within the organization vary from the length of time for correspondences to payment of penalties being forgiven. The agency is not being subjected to a review but in […]
Read MoreThe ins and outs of claiming moving expenses on your tax return
Under the Income Tax Act, you can write off moving expenses provided you’re moving for work, to run a business or to be a full-time student. Moving expenses can include ancillary costs like the cost of cancelling the lease for your previous home and utility hook-ups and disconnections. Costs associated with selling your old home, […]
Read MoreTaking this step when filing your taxes can help you avoid a gross negligence penalty from the CRA
When filing your taxes this year, be careful that you have receipts to back up all your deductions. If you don’t, then not only will the claim be denied, but you may face a gross negligence penalty. A Canadian taxpayer in Ontario recently has felt the brunt of CRA tax enforcement when childcare payments, which […]
Read MoreCanada: Proposed Changes To ITC Rules For Holding Corporations
Companies using section 186 of the Excise Tax act to claim Input Tax Credits should be aware of the proposed changes. If enacted, these changes will, then affect their business. Section 186 has often been confusing, with even court disputes unable to interpret some situations when it should be applied. The new proposal will lay […]
Read MoreCanadians love their tax refunds, but it’s blinding them to better tax plan
Most Canadians who receive a tax refund treat it like winning the lottery. However, financial planners point out that you actually overpaid during the year, and your money could have been better utilized instead of simply being returned at tax time. Canadians who file a T1213 form can keep more of their money throughout the […]
Read MoreHow not to claim employment expenses on your tax return
A recent tax case shows the right away and wrong way to claim work-related expenses that your employer doesn’t cover. These expenses can include: accounting, legal, advertising and promotion fees, allowable motor vehicle expenses, certain food, beverage, and entertainment expenses, out-of-town lodging expenses, parking, postage, stationery and other office supplies. One important part of claiming […]
Read MoreIRS won’t penalize confused taxpayers following changes to code
The Treasury Department announced that it is providing relief this year for those individuals who under reported the tax that they owed the United States government. This relief is due to the 2017 tax overhaul changes, but the relief is limited. If the filer paid at least 85 percent of what they owed, then there […]
Read MoreYour cheatin’ heart: why do taxpayers lie?
Overstating deductions, and understating incomes are common ways people cheat on their taxes to the tune of $15 billion a year in Canada. People usually have their own personal reasons for cheating including feeling they owe too much or in anger against the Canada Revenue Agency. The CRA uses a number of ways to correct […]
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