Essential Tax Resources
Your professional development network for financial and business training

 

Essential Tax Resources 

 
 
 
Federal and Provincial Budgets
Official budget information for the federal government and every province and territory.
Canada Revenue Agency (CRA)
Links to helpful information on the CRA website, including tax information for businesses, individuals, and tax professionals.
Tax Tips and Tools
Tax tips, tax calculators, and helpful tax resources from across the web.
  • TaxTips.ca
  • This site is operated by a husband and wife team of retired entrepreneurs, including a CGA. It provides a variety of tax and financial information, updated annually.

  • Ernst & Young tax calculators and rates
    Administered by Ernst & Young LLP in Canada, this site contains tax calculators to estimate  personal tax bills and RRSP savings as well as tax rate tables for individuals and corporations.

  • PricewaterhouseCoopers tax facts and figures
    This annually updated book, published by PricewaterhouseCoopers LLP in Canada*, contains both individual and corporate tax information for each provincial or territorial jurisdiction.

    *Note: Linking to the PwC Canada Web site does not imply any endorsement by PwC of the services or products being offered by CGA-Canada.
Tax News and Updates
The latest tax news and important updates affecting Canadian taxpayers.
  • Tax Simplification 101
    Tax simplification is a hot-button issue in Canada today. CGA-Canada issued a report in early 2013 following a Tax Summit the organization sponsored that brought together many of the country’s brightest legal and financial minds to debate logistics and strategies for tackling the complexity in Canada’s tax code. This article summaries those findings.

  • Education and Tuition Amounts
    This feature article examines the issue of shielding tax through capital gains strips and/or using capital gains exemptions when selling a business, referencing relevant rules in section 55 of the Income Tax Act. The author examines two possible scenarios involving the sale of a business and the application of provisions in section 55 and related sections. This article is published in CGA Magazine.

  • Innovation and Productivity
    In an era featuring intense international competition, research and development can be the key to future long-term sustainability and standing out above the crowd. This article outlines some of the major R&D taxation policies in Canada.

  • Taxation of Ineligible Dividends
    One of the key taxation announcements from the 2013 federal budget was that there will be changes to ineligible dividends [e.g. from shares not listed on registered exchanges] paid in 2014. As described in this article, such a measure will essentially provide integration between salaries and dividends.

  • Tax Incentives for Canadian Business
    Major recent and future changes to Canada’s Income Tax Act affecting the Scientific Research and Development credit are outlined in this article.

  • Following the Instructions Carefully
    There are major new requirements involving Canada Revenue Agency’s Form 1135 – Foreign Income Verification Statement. Additional information needs to be disclosed and there are also tougher new penalties for taxpayers who do not file this return on time. 

  • Charitable Giving: The Good, the Bad and the Ugly
    Be careful when donating to a “charity” you know nothing about. Despite the best of intentions, if Canada Revenue Agency recognizes the charity as being illegitimate, the donation may be more costly that you think.

  • For Business or Pleasure?
    There can sometimes be a fine line between business and personal expenses, and taxpayers need to know that difference. This article documents a court case in which some of those distinctions – between what is recognized as legitimate business and what is likely to be flagged as personal – are made.
     
Top 10 Tax Tips
  1. Reduce taxable income with a Registered Retirement Savings Plan (RRSP). RRSPs can be eligible for a tax deduction in the amount of the annual contribution. Up to 18% of earned income to a maximum of $23,820 can be added in 2013. The deadline for contributions that can be claimed as a 2013 RRSP deduction is Saturday, March 1, 2014. As March 1 falls on a Saturday, this deadline will automatically be extended until Monday, March 3.

  2. Build wealth with a Tax-Free Savings Account (TFSA). TFSAs allow you to make up to a $5,500 annual contribution. Income earned in the TFSA is non-taxable, so maximize the amount of tax free growth.

  3. Contribute to a Registered Education Savings Plan (RESP). Help your child or grandchild save for post-secondary education. Contributions are not tax deductible and they are not taxable when withdrawn.

  4. Compile all Tuition Fee and Education Credits. If you don’t need these deductions you can transfer up to $5,000 (indexed at $6,620 in Ontario) to parents who would welcome your generosity.

  5. Weigh the benefits of withdrawing from an RRSP to purchase a home. Individuals may withdraw up to $25,000 from their RRSP. Withdrawn amounts are repayable in equal annual sums over 15 years.

  6. Capitalize on family if you are a small business owner: Hire family members for legitimate work opportunities and write off the costs of their salaries.

  7. Income splitting. If you earn more than your spouse you could reduce your family’s combined tax bill by paying your spouse’s expenses, freeing up money that can then be used for investment purposes.

  8. Minimize overall tax liability of medical expenses. You can distribute the medical expenses claimed on behalf of each other to be advantageous for the lower-income spouse to claim allowable medical expenses.

  9. Take advantage of all eligible credits. The Public Transit Pass Credit; and both the Children’s Fitness and Arts Credits are all ones sometimes forgotten.

  10. Maximize charitable donations credits. Consider combining both donations if they total more than $200.

What are your favourite tax links?
Do you have a favorite tax resource, blog, or website that’s not mentioned here? Send it by email to pdnet@cga-canada.org, and we’ll consider adding it to this page!