tax

Income Tax Being Reviewed? Do Not Worry.

2018-06-28T12:04:45+00:00

An income tax review is easier than you think!  Since Canada's tax system is based on self-assessment, these reviews help confirm that income amounts, deductions, and credits are reported correctly, and can be properly supported. It is OK. If you receive a letter from the Canada Revenue Agency (CRA) telling you that your income tax return

Income Tax Being Reviewed? Do Not Worry.2018-06-28T12:04:45+00:00

Medical Expense Tax Credit – Service Animals

2018-06-13T15:20:58+00:00

The Medical Expense Tax Credit – Service Animals (METC) provides tax relief in respect of certain expenses related to an animal specially trained to assist a patient in coping with the following impairments: blindness, profound deafness, severe autism, severe diabetes, severe epilepsy or a severe and prolonged impairment that markedly restricts the use

Medical Expense Tax Credit – Service Animals2018-06-13T15:20:58+00:00

Property Flipping? Know Your Tax Obligations!

2018-05-16T14:53:14+00:00

What is property flipping? Property flipping is when individuals, including real estate agents, buy and resell homes in a short period of time for a profit. This also includes buying and selling a property before its official sale or construction—a process called an “assignment sale” but sometimes also referred to as

Property Flipping? Know Your Tax Obligations!2018-05-16T14:53:14+00:00

Do Not be Scammed by Spoofed Phone Numbers

2018-05-09T15:54:39+00:00

The tax deadline has come and gone, however, scammers continue to pray on Canadian taxpayers.  You may get a phone call from a person aggressively telling you to pay the taxes you owe.  In order to trick Canadians into thinking they are indeed calling from the Canada Revenue Agency (CRA), scammers may change

Do Not be Scammed by Spoofed Phone Numbers2018-05-09T15:54:39+00:00

When Can You Expect Your 2017 Refund?

2018-05-02T15:19:26+00:00

It is the Canada Revenue’s goal to issue a notice of assessment, including any applicable refund, within: two weeks of receiving your electronically filed return; or eight weeks of receiving your paper filed return. These timelines are ONLY valid for returns received on or before their filing due dates. The CRA may take

When Can You Expect Your 2017 Refund?2018-05-02T15:19:26+00:00

Cannot Pay Your Balance Owing?

2018-04-11T16:11:15+00:00

What you can do if you cannot pay your balance owing? Even if you cannot pay all of your balance owing right away, file your return by the filing due date. So you can avoid a late-filing penalty. If you cannot pay your balance owing on or before April 30, 2018, we may accept a payment

Cannot Pay Your Balance Owing?2018-04-11T16:11:15+00:00

The Special Tax on RESP Accumulated Income Payments

2018-03-28T16:13:27+00:00

An accumulated income payment (AIP) is a payment from your registered education savings plan (RESP) that is not: an educational assistance payment a payment to a designated educational institution in Canada a refund of contributions to the subscriber or to the beneficiary a transfer to another RESP repayments under a Canada Education Savings Program or

The Special Tax on RESP Accumulated Income Payments2018-03-28T16:13:27+00:00

2018 B.C. Budget Sets Sight on Housing Affordability

2018-02-21T15:16:12+00:00

The B.C. government recently unveiled its 2018 Budget.  One of its key focus was on the province's housing market.  In an effort to reign in speculation and address housing affordability, the province is set to implement some new taxes, as well as, update some existing ones.  New provincial-federal programs will also be introduced

2018 B.C. Budget Sets Sight on Housing Affordability2018-02-21T15:16:12+00:00

Do You Need to File a T3 Trust Return?

2018-02-07T02:09:24+00:00

You have to file a T3 return if income from the trust property is subject to tax, and in the tax year, the trust: has tax payable is requested to file is resident in Canada and has either disposed of, or is deemed to have disposed of, a capital property or has a

Do You Need to File a T3 Trust Return?2018-02-07T02:09:24+00:00

Interest and Penalties on Your Personal Income Tax

2018-01-31T14:29:39+00:00

Interest If you have a balance owing for 2017, the Canada Revenue Agency charges compound daily interest starting May 1, 2018, on any unpaid amounts owing for 2017. This includes any balance owing if we reassess your return. In addition, the CRA will charge you interest on the penalties starting the day after your return is due.

Interest and Penalties on Your Personal Income Tax2018-01-31T14:29:39+00:00