Archive for 'Canadian Tax Tips'
How to make you mortgage interest deductible – David Ingram video
Posted on 20. Nov, 2010 by Phil Hogan, CA.
I wanted to share this great video with everyone. In this video David Ingram answers a viewers email about how to make your mortgage interest deductible. Enjoy! Right now what I want to talk to you about is Mortgage Interest as a deduction in Canada. And I’m going to start of with a little segment [...]
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Reduce Your Payroll Withholdings and Keep More Cash From Your Paycheck
Posted on 13. Feb, 2010 by Phil Hogan, CA.
If you are one of the many that receives a sizable income tax refund at tax time your employer is possibly withholding more tax then is necessary. You have the legal right to apply to CRA and ask your employer to reduce your tax installment withholding to a level consistent with your annual income tax [...]
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Tax Tip #2 – Can I Adjust a Previous Year’s Canadian Tax Return?
Posted on 18. Jan, 2010 by Phil Hogan, CA.
If you find that you’ve made a mistake on your Canadian tax return you are able to submit a T1adj form with CRA to make the changes. Once submitted CRA will assess the changes, make the required changes (in some cases they may want to verify documentation backup for the changes) and send you a [...]
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Tax Tip #1 – What Happens If I File My Canadian Tax Return Late?
Posted on 16. Jan, 2010 by Phil Hogan, CA.
Your Canadian tax return is due April 30th unless you or your spouse or common-law partner carry on a business in which case you have until June 15th. Note however that any tax balance owing still needs to be paid by April 30th to avoid interest charges. If you fail to file your Canadian Income [...]
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Home Renovation Tax Credit – What Qualifies?
Posted on 23. Nov, 2009 by Phil Hogan, CA.
On January 27th, 2009 Jim Flaherty, Federal Finance Minister announced the introduction of the Home Renovation Tax Credit. The non-refundable tax credit is calculated at 15% of eligible expenses over $1,000 to a maximum of $10,000. The maximum Home Renovation Tax Credit one could receive would be $1,350 e.g. $9,000 x 15%. Only expenses incurred [...]