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What’s the difference between an RRSP and a TFSA?

What’s the difference between an RRSP and a TFSA?

Posted Feb 14th, 2017

There are many differences between a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA). The benefits of each should be considered before deciding to invest inside either.

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Are there any tax implications to giving a gift to my employees?

Are there any tax implications to giving a gift to my employees?

Posted Feb 14th, 2017

In December, many employers choose to show their gratitude to employees with a gift. Before giving gifts, the employer should consider the tax implications.

A cash gift, or a near-cash gift such as a gift certificate, is...

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Can I deduct my meals and entertainment expenses?

Can I deduct my meals and entertainment expenses?

Posted Feb 14th, 2017

In order to qualify as a deductible expense, the self-employed or commissioned salesperson must be able to demonstrate that the amount paid was incurred for the purpose of earning income and is a requirement under their conditions of employment.

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Principal Residence Reporting

Principal Residence Reporting

Posted Feb 12th, 2017

Effective January 1, 2016 all dispositions of real estate are required to be included in your personal income tax return; even if it was your principal residence. In the majority of cases this will result in a capital gain. A principal...

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An Income Tax Workshop for Family Caregivers

An Income Tax Workshop for Family Caregivers

Posted Jan 20th, 2016

Perhaps the best known – and least understood – claim you can make on your income taxes is Medical Expenses and the various related tax credits that surround medical issues. But every year, thousands of Canadian Taxpayers lose out simply because legitimate claims are not made.

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Foreign Income Verification Statement

Foreign Income Verification Statement

Posted Nov 19th, 2015

Other the past three years, this long standing filing requirement on Canadian Taxpayers holding Foreign Property has been changed and altered many times.

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