• What’s new on the 2017 individual income tax return?

    While the obligation to file a T1 tax return form is an annual one, the process of completing that form and calculating tax payable is never exactly the same year to year. Change is the one constant in tax, as the federal and provincial governments are continually in the process of “fine-tuning” the tax system […]
    Read more
  • Filing the annual return – when and how

    Last year, 85 percent of individual income tax returns filed were prepared and submitted online using one or the other of the Canada Revenue Agency’s (CRA) web-based tax filing services. There’s every reason to expect that the same percentages will apply this year, but there are some other options available to Canadian taxpayers. That majority […]
    Read more
  • What to do with an instalment reminder from the CRA

    The early months of the new calendar year can feel like a never-ending series of bills and other financial obligations, especially tax-related financial obligations. Credit card bills from holiday spending, or perhaps a mid-winter vacation, arrive in mid to late January. RRSP contributions to be claimed on the 2017 return must be made on or […]
    Read more
  • Information sharing changes made to improve access to government services

    One of the smaller frustrations of dealing with the federal government is that personal information provided by an individual to any one government department is not shared with or communicated with other branches of the government. The intention behind that policy is a good one – it’s there to protect the privacy of the individual. […]
    Read more
  • RRSPs and TFSAs — making the annual choice

    If there is one invariable “rule” of financial and retirement planning of which most Canadians are aware, it is the unquestioned wisdom of making regular contributions to a registered retirement savings plan (RRSP). And it is true that for several decades the RRSP was only tax-sheltered savings and investment vehicle available to most individual Canadians. […]
    Read more
  • RRSP and TFSA rules for 2018

    One of the perennial New Year’s resolutions made by many individuals is a commitment to keep on a budget, spend less, save more, deal with any outstanding debt and, generally, to better manage their financial affairs. Fortunately, for those taxpayers (and for everyone else) the start of the new calendar year is also the start […]
    Read more
  • Pension income splitting — getting something for nothing

    Any taxpayer hearing of a tax planning opportunity that offered the possibility of saving hundreds or even thousands of dollars in tax while at the same time increasing his or her eligibility for government benefits, while requiring no advance planning, no expenditure of funds, and almost no expenditure of time could be forgiven for thinking […]
    Read more
  • Changes coming to the Voluntary Disclosure Program

    Although it’s doubtful that anyone does so with any great degree of enthusiasm, each spring millions of Canadians sit down to complete their annual tax return for the previous calendar year or, more often, they pay someone else to do it for them. Although the rate of compliance among Canadian taxpayers is very high — […]
    Read more
  • Employment Insurance Premiums for 2018

    The Employment Insurance premium rate for 2018 is 1.66%. Yearly maximum insurable earnings are set at $51,700, making the maximum employee premium $858.22. As in previous years, employer premiums are 1.4 times the employee contribution. The maximum employer premium for 2018 is therefore $1,201.51. The information presented is only of a general nature, may omit […]
    Read more
  • Quebec Pension Plan Premiums for 2018

    The Quebec Pension Plan contribution rate for employees for 2018 is 5.4%. The maximum employee premium for the year is $2,829.60, and the employer contribution is equal to the employee contribution. The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, […]
    Read more