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Tax Tips by the Tax Doctors.

Canadian Income Tax Return

Informative tax tips by Tax Doctors Canada. Subjects include general Canadian income tax return topics, tax preparation advice, back taxes, tax planning tips, tax planning strategies, intregrated financial planning, canadian corporate tax and more. You can browse the Tax Tips archives by year and month by using the "Browse Archive" menu to the right.

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by The Tax Doctors

When is my corporate tax return due?

Your corporate will be due six months after your corporate year end.

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by The Tax Doctors

When do I have to pay my corporate tax bill?

In most situations for small businesses, you will have to pay your corporate tax bill 3 months after your corporate year end.

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by The Tax Doctors

Creating Pension Income

How can pension income be created? That is an excellent question.

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by The Tax Doctors

Capital Gains and Losses

Read your notice of assessment.  It has helpful information on it.  For example, if you have any capital losses, the notice of assessment will tell you.

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by The Tax Doctors

When is my personal income tax return due?

In most situations your personal income tax return will be due by April 30th.

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by The Tax Doctors

Back taxes? When Do I have to pay my taxes?

Any taxes that are payable from a personal income tax return will be due by April 30th.

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by The Tax Doctors

Can I deduct losses in my Rsp?

It is recommended to hold low risk investments inside the RRSP.

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by The Tax Doctors

What investments should I hold in my Rsp?

It is recommended to hold interest bearing vehicles inside your RRSP because interest attracts high tax rates.

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by The Tax Doctors

When is the deadline to contribute to my Rsp?

The annual RRSP contribution deadline is usually 60 days into the following year. 

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by The Tax Doctors

What is the penalty for over contributing to my Rsp?

Ensure you have the correct RRSP contribution limit; you don’t want to over contribute.

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by The Tax Doctors

How much can I contribute to my Rsp?

To determine how much you can contribute to a RRSP, you should check your tax notice of assessment.

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by The Tax Doctors

Can I use my Rsp to pay for tuition?

You can borrow funds accumulated in the RRSP to pay for tuition / training if your decide to go to school.

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by The Tax Doctors

Can I use my Rsp as a down payment on a home?

You can borrow funds accumulated in the RRSP as a downpayment on a home.

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by The Tax Doctors

When do I convert my Rsp to a Rif?

Be prepared to convert your RRSP to a RRIF or annuity in the year you turn 71.

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by The Tax Doctors

Transferring shares to an Rsp. Is it a good idea?

Evaluate whether transferring shares to your RRSP is a good idea. 

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by Dynamic eSolutions

Income splitting with an Rsp?

An RRSP can be a great income splitting tool.

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by The Tax Doctors

Transferring Capital Losses to a spouse

The superficial loss rules provide a method for capital losses to be transferred to a spouse. The spouse must hold the shares for more than 30 days for this to work, so to do this for 2013 you should act fairly soon.

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by The Tax Doctors

Capital Gains Elimination Tips

Capital gains can be eliminated by donating capital property, such as securities, to charitable organizations which are qualified donees.

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by The Tax Doctors

Take Advantage of New Tax Credits

Almost annually, the government creates and puts into effect new tax credits that provide benefits to Canadians.

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by The Tax Doctors

Income earned in an Rsp - Is it taxed?

The income generated inside an RRSP is tax deferred.

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by The Tax Doctors

Are Rsp contributions tax deductible?

To reduce your tax bill consider a RRSP contribution.

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by The Tax Doctors

Non-resident with Canadian property?

Are you are a non-resident and you own Canadian rental property? 

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by The Tax Doctors

Take Advantage of New Tax Credits

Almost annually, the government creates and puts into effect new tax credits that provide benefits to Canadians.

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by The Tax Doctors

What if I find a mistake in my tax return?

As is known, it is your responsibility to ensure that your income tax return accurately reflects your financial activities and taxes owed. However .....

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by The Tax Doctors

Moving expenses

If you move to start new employment, consider deducting your moving expenses.

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by The Tax Doctors

Claim your medical expenses

There are hundreds of eligible medical expenses that you can claim on your tax return as deductions to taxable income.

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by The Tax Doctors

What is the penalty if I make a false statement or an omission on my tax return?

There are penalties for false statements on your income tax return. It is possible to mitigate such problems.

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by The Tax Doctors

What is the penalty if I file my tax return late?

If you file your Canadian income taxes late, you may have to pay both a penalty and interest.

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by The Tax Doctors

When is my corporate tax return due?

Corporate income tax is a tax based on the income made by the corporation. Find out when it has to be filed.

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by The Tax Doctors

What is a TFSA?

A TFSA is a tax free savings account.

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by The Tax Doctors

When is the RSP deadline?

RRSP area a great way to save for retirement. Find out when RRSP contributions are due.

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by The Tax Doctors

Can I deduct my automobile expenses?

Whether or not you can deduct your automobile depends on your situation.

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by The Tax Doctors

When is my income tax return due?

There are various answers for this question.

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by The Tax Doctors

CRA Dispute?

Are you having problems with the tax department (CRA)?  Are they sending you nasty letters? 

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by The Tax Doctors

Non-Resident or Canadian Resident - Canadian Income tax

Non-Resident or Canadian Resident? Non resident Canadian income tax services needed? Canadian resident with federal income tax return preparation requirements for income earned abroad? US citizen working in Canada with Canadian income tax requirements. Where do you pay tax? Tax Doctors Canada has the answers! Tax Doctors Canada has extensive expertise in the area of international tax services with Canadian income tax return requirements.

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by The Tax Doctors

What is a non-refundable tax credit?

There are refundable and non-refundable tax credits. A tax credit that can't reduce the amount of tax owed to less than zero is a non-refundable tax credit. If the credit were able to reduce the amount of tax owed to less than zero, the taxpayer would be entitled to a payment from the government.

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by The Tax Doctors

What Income do You Pay Tax On?

Some income that you receive is taxable and some of the income that you receive is not.  In addition, there are different tax rates for the various reportable income.  For example, capital gains are taxed at different rates than dividend income.  In this discussion, we shed some light on what income is taxable and what income is not.

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by The Tax Doctors

Universal Child Care Benefit

The UCCB is a benefit for children and is different from the Child Tax Benefit.  Child Tax Benefit is tax free and based on certain factors like family income and number of children.  The UCCB is not based on income.  The monthly payment is a fixed amount and determined by the age of the child.

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by The Tax Doctors

Tax Filing Deadline for Self Employed - June 15th

When do you have to file your tax return?  If you are an employee, you need to file your tax return by April 30th to avoid penalties.  If you or your spouse or common law partner carried on a business, you have until June 15th to file your tax return and avoid penalties. However, if you have a balance owing, you need to pay it by April 30th regardless of whether you are self-employed or an employee.

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by The Tax Doctors

severance pay tax - Tax Doctors Canada
Severance package Tax preparation and planning

Tax Planning a Severance Package

Tax planning for severance packages is an important issue because the amount of money is usually significant. The first thing to consider is the special rules that relate to retiring allowances. Retiring allowances can include severance payments or termination payments, settlements for wrongful dismissal and payments for long service on retirement

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by The Tax Doctors

Tax Filing Deadline for US Citizens

Avoid penalties!

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by The Tax Doctors

Tax Savings for 2011 - Federal Budget 2011

Budget tax breaks! Let Tax Tax Doctors Canada help you take advantage and save.

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by The Tax Doctors

Retirement Savings Plan (RSP) Deadline

The RRSP contribution deadline is fast approaching. Tax Doctors can help you with your tax and estate planning needs to maximize your savings.

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