How does a marital status change affect my benefits? The CRA will recalculate your benefits based on the number of children you have and their ages, your province or territory…

Residency: Your province of residence for tax purposes is where you were living on December 31 of the tax year. If you moved to another province or territory during the…

If you get a loan from your employer to buy or refinance a home and you pay interest equal to prescribed rate it will not be a taxable benefit to…

If someone tries to pass income to spouse, common law partner, children or any other relative he / she will still be taxed on income and not the person who…

Filing of your tax return is due by April 30. For self employed people, tax filing date is June 15. However, any amounts owing on personal tax must be paid…

Saving tax dollars is an art. Filing taxes in time can save you from penalties. Making timely tax installments can also save you from penalties. In Canada, personal tax return…

CTB (Child Tax Benefit) is usually in the name of children and it is considered a child’s income who is getting it. If you open some kind of investment account…

Passive income is the income you receive on regular basis with little effort required to maintain it. Interest income, Dividends income and rental income are considered as passive income. When…

The easiest way to split income is to split income among your family members. You can lend money to your spouse or a minor child for making investments and you…

Getting a refund at the end of year is considered as a gift from Canada Revenue Agency. Taxpayers need to understand that this was your money that government kept and…