For most taxpayers there is little to no relief against the nearly unavoidable rising costs of fuel, which comes with the summer months. There is, however, some relief for taxpayers who drive for the purposes of work, excluding the costs associated with driving to and from the office each day.
It’s June which means we are almost halfway through the 2018 tax year. With the exception of small business owners and their spouses, almost all individual Canadian taxpayers will have filed their 2018 income taxes and likely received the Notice of Assessment which summarizes their tax situation for the year.
At this point, you will have made almost six months’ worth of payments toward your income taxes for 2018 in the form of deductions at source, taken from each of your pay cheques.
For some people, completing a tax return means coping with the stress that comes with filing your own taxes. Fortunately, current technology has made it easier for people to file their own taxes…or has it?
Tax software such as UFile and TurboTax have taken some of the complications out of tax filing, but for many people with more complicated profiles, such as small businesses, these programs often fall short.
The warm weather is upon us and soon school will be out. That means many parents will be making arrangements for child care and summer camp, which often come with a hefty price tag.
The bad news is that a number of credits and deductions that were available in previous years, including the Children’s Fitness Tax Credit and Children’s Art Tax Credit, no longer are.
The 2017 Tax Return deadline has been and gone for individual taxpayers, whose spouse or common law partner does not own a business.
In most cases, that means you no longer have to concern yourself with your 2017 return, unless of course the CRA reaches out for more information. In some cases, however, you may notice that you filed your return with an unintentional error or omission.
Each year, the government of Canada releases a Budget that outlines planned spending and expected government revenue, as well as the current and expected economic positions and conditions.
In addition to new tax legislation for individuals, business and charities, the 2018 Budget brings forth extensive reporting requirements for Canadian-resident express trusts, including most family trusts, and non-resident trusts.
The 2018 Budget brought forth a number of changes to individuals, families and for-profit businesses. In addition to these amendments, changes to the taxation and registration of certain charities have also been proposed.
