Investing tips for dual citizens of Canada and the U.S.
If you have a dual Canadian/U.S. citizen citizenship, be prepared to be fully taxed like a U.S. citizen by the American government, regardless of whether you’ve lived there or not. Therefore, to stay on the IRS’s good side, you need to be careful about where you’re holding what type of investments. For instance, TFSA accounts […]
Read MoreAudit-proof your side hustle
If you are self-employed or run a side hustle for extra income, you need to know what taxes are owed to avoid any penalties or audits. You need to keep very detailed records and file on time. If you use equipment for personal as well as business use, you need to track your usage. Income […]
Read MoreWhat is a ‘related business’ for TOSI purposes?
TOSI (tax on split income) rules aren’t easy to comprehend. A typical TOSI case would be when a business-owner splits income by paying corporation dividends to family-member shareholders. There are instances in which this tax can be legally avoided, such as when under 10 percent of a corporation’s income is derived from a related business. […]
Read MoreWhat you need to know about the costs of appealing a tax decision
Disagreeing with how the Canada Revenue Agency has assessed your return is a right of every Canadian. Everyone is allowed their day in court. Depending on the complexity of your case and whether you take the general or informal procedure will affect how expensive going to court can be. The general route will require a […]
Read MoreTFSA overcontribution woes continue
A recent Tax Court case demonstrates the costliness of over-contributing to a TFSA. An Ontario taxpayer who owns a roofing company inadvertently deposited $40,000 into a TFSA account instead of his regular chequing account. He was then punished with over $2,000 in penalties. The man had made smaller over-contribution previously receiving a warning letter from […]
Read MoreWhen your investment partners don’t play by the CRA’s rules
A question is raised by a concerned taxpayer who declared rental payments as income as well as capital gains on a condo that was sold while his friends who invested with him plan not to. If you own a residence and don’t live there, you need to report any money made on renting as well […]
Read MorePersonal Investor: 4 money-saving tax tools for the average investor – BNNBloomberg.ca
If you have investments, expect to pay taxes. Fortunately, there are four ways – almost anyone can use – to can save at tax time. First, as many people know having an RRSP allows you to defer taxes on your contribution, so you can withdraw the money at a future time in retirement at a […]
Read MoreAlbertans pay less into TFSAs than Canadian average
Alberta’s average annual contribution increased by five per cent this year. Albertans hold an average of $28,551 in their TFSA. Canadians are choosing to grow their contributions more often. Alberta residents are more likely to put funds in their investment accounts once a quarter. About half of Canadians save TSFAs for retirement. TFSA contribution is […]
Read MoreLessons from more than five years of battling the taxman
A taxpayer who fought the CRA in court over just a little more than $13,000 finally won his case but the story is a cautionary tale. He sold a condo that he never lived in, the CRA assessed a tax on the profits as well as applied negligence penalties. Luckily, he was able to prove that […]
Read MoreThe facts of life (insurance)
One-third of Canadians don’t have life insurance. The main reason is that death is hard to talk about; so many people avoid it and thus don’t buy life insurance or adequately plan for what will happen when they’re gone. For instance, one myth is that an employer’s life insurance program is adequate. Generally, it’s a […]
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