|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.|
- Tax Tips.caThis 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 estimateÂ 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.|
- Fraudulent Receipts This article, written by Don Goodison, FCGA, examines the rather unusual case of Tu Van Le v. Her Majesty the Queen, in which a taxpayer attempted to convince the Tax Court of Canada through various stories and evolving explanations that he had made various charitable donations that should have counted, but were disallowed by CRA. This article is published in CGA Magazine.
- Capital Gains Strips
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.
- Bozzer: An Interesting Victory for All Canadian Taxpayers
The recent decision of the Federal Court of Appeal in Bozzer v. The Queen, 2011 DTC 5106, represents a victory for all Canadian taxpayers, as it overturns an overly-restrictive interpretation of a provision designed to grant taxpayer relief in appropriate circumstances. The article is from CCH's Tax & Accounting e-Monthly newsletter.
|Top 10 Tax Tips from the Personal Tax Planning Book 2012–13 |
- 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 $22,450 can be added in 2011. The deadline for contributions that can be claimed as a 2011 RRSP deduction is Wed, February 29. (Page 143)
- Build wealth with a Tax-Free Savings Account (TFSA). TFSAs allow you to make up to a $5,000 annual contribution. Income earned in the TFSA is non-taxable, so maximize the amount of tax free growth. (Page 161)
- 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. (Page 127)
- Compile all Tuition Fee and Education Credits. If you don’t need these deductions you can transfer up to $5,000 to parents who would welcome your generosity. (Page 207)
- 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. (Page 152)
- 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. (Page 74)
- 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. (Page 121)
- 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. (Page 195)
- 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. (Pages 213, 215, 217)
- Maximize charitable donations credits. Consider combining both donations if they total more than $200. (Page 210)
Learn more and purchase the Personal Tax Planning 2012–13 eBook »
|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 firstname.lastname@example.org, and we’ll consider adding it to this page!|