Are you a physician that moved to Canada in the last year? If so, these are some things that you should know about filing your first Canadian Personal Tax Return: When are Canadian taxes due? Canadian personal taxes are calculated based on income earned between...
Personal tax season is upon us and as you gather your personal tax documents you may be wondering “How are my personal taxes calculated?”. How are Canadian Personal Taxes Calculated? Canadian taxes are based on a graduated rate system. This system can be thought of in...
How to determine if it’s CRA on the line. Over the past few years, scam phone calls from individuals claiming to be from the Canada Revenue Agency (CRA) have increased. As we approach the time of year to file personal tax returns, these calls become more frequent as...
RRSPs and TFSAs are both “registered” investment accounts, which means that they receive special tax treatment that is not applicable to other “non-registered” investment accounts. The special tax treatment of these accounts increases the total benefit of investing by...
Instead of liquidating securities to fund donations, it may be more tax efficient to donate securities directly to charitable organizations. If you sell a security to obtain cash to donate, you generally need to pay tax on the profit earned, also known as a capital...
Many physicians in Canada have incorporated their practices, as there are significant tax benefits to doing so. This then provides incorporated doctors with two avenues to donation: Corporate Donations Personal Donations We are often asked, “should I make donations...
