Personal Tax Tag

Principal residence exemption allows a taxpayer to eliminate capital gains on the disposition (or deemed disposition)  of his/her principal residence in Canada. This post is meant for general information purposes. You can find below a summarised version of different tax rules applicable to you if you have sold your principal residence, converted your principal residence to income-generating...

How can I lower my taxes if I am an actor or a person employed in the entertainment industry? This post outlines income tax returns for actors in Canada who are also residents of Canada. Rules are different for a non-resident actor in Canada and can be found here. Actors with Employment Income If you are an actor employed in the entertainment industry, you will generally get a T4 from your...

Did you forget to include income in your tax return or did not report it at all? You may have underreported your income or missed to report foreign assets, you are liable for the interest and penalties. If there is an intent to deliberately misreport your income and assets, there are additional penalties and even possible legal action including criminal prosecution. What is CRA Voluntary...

COVID-19 is spreading its grasp all over the world. Like other governments, the Canadian government has also stepped in to check the adverse impact of the disease. The government came up with the Canada Emergency Response Benefit (CERB) to help business owners, employees, and self-employed get much-needed financial relief. The program combines the two other previously announced benefits, the...

Rental income earned by a corporation is considered as property income – investment income. Active business income of Canadian controlled private corporations (CCPC) is subject to preferential tax treatment due to the small business deduction. Earning investment income in a CCPC has tax effects since it affects small business deduction. Property income which is an investment income in...

Freelancing, full time or as a side-gig, is a very attractive way for people to generate income for themselves. With a lot of freelancing websites such as Fiverr and Upwork, more and more Canadians are using these platforms to make extra bucks. From an income tax point of view, is doing a side-gig good for you or not? It gives oneself the freedom to work at one’s own pace, with a...

Canada Tax Filing and Payment Extensions amidst Covid-19 This post is not being updated anymore. Please visit our page income tax services during Covid-19.  Updated on July 27, 2020 Updated on March 18, 2020 (11:45 EST) As announced by Prime Minister Trudeau: Tax filing deadlines are extended until June 01, 2020 Tax Payments are deferred until August 31, 2020 for the amounts due after...

In recent days, we have received a couple of inquiries from our blog subscribers and readers about the foreign rental income of Canadian residents. This post is for general information purposes and cannot be relied on to make any actionable decisions. It is always smart to contact professional individual tax preparation services in Canada. This post focuses on rental income from foreign...

Canada is a country having vast immigrant population. Every year new immigrants come to Canada and gradually achieve their immigration status as permanent residents and ultimately Canadian citizenship. If you are a new permanent resident or a Canadian citizen, you may at some point inherit some property from a foreign deceased relative. It is important to know Canada’s inheritance tax...

Income Tax Return filing opens on February 24, 2020 08:30 AM in Canada. Are you expecting an income tax refund from Canada Revenue Agency, start filing your taxes earlier and get the refund quicker. Important Dates – Personal Taxes in Canada Individual income tax return filing deadline – April 30, 2020 Individual income tax return filing deadline – April 30, 2020 Individual...