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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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.
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.
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.
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.
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.
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.
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