Personal Tax Tip – Do you owe income tax? CRA shares how to make paying as easy as 1, 2, 3!

April 29, 2016 RHN CPA No Comments

Did you know? Most Canadian income tax and benefit returns for 2015 are due on April 30, 2016. However, as this date is a Saturday, the Canada Revenue Agency (CRA) will consider your return as filed on time and your…



Every day should be Earth Day – April 22

April 21, 2016 RHN CPA No Comments

25 small ways to be earth-friendly at home and at work April 22 is the official international “Earth Day” every year. It serves as a great reminder to us that we should strive to conserve resources and reduce waste in…



Personal Tax Tip – Understanding Charitable Donations and Their Tax Benefits

April 20, 2016 RHN CPA No Comments

Support your favourite charities and causes and reap the benefits too! You can claim all of your 2015 donations plus any donations made in any of the previous five years that have not been claimed already to an annual limit…



Personal Tax Tip – Record Keeping for the Self-Employed

April 19, 2016 RHN CPA No Comments

To shred or not to shred – that is the question. The Income Tax Act requires every taxpayer carrying on a business to keep records and books of account so that the Minister may verify the validity of the expenses…



Personal Tax Tip – Am I an employee or a self-employed independent contractor?

April 18, 2016 RHN CPA No Comments

Considering becoming a self-employed independent contractor? Learn the “Pros and Cons”. People who are self-employed can generally take advantage of a wider range of available deductions in computing their taxable income than employees. One of the benefits of being considered…



Personal Tax Tip – A Second Chance to Correct Your Tax Affairs

April 15, 2016 RHN CPA No Comments

It’s not too late to correct an earlier mistake The Canada Revenue Agency (CRA) offers taxpayers a second chance to correct earlier mistakes and put their tax affairs in order through the Voluntary Disclosures Program (VDP). If you have ever…



Personal Tax Tip – Tax Credits for Retirees

April 14, 2016 RHN CPA No Comments

Tax Credits for Those Over 65 If you were 65 years of age or older on December 31, 2015, then you might be eligible for some tax breaks. You might be eligible to claim a tax credit for being 65…



Personal Tax Tip – Reporting Foreign Income, Property and Investments

April 13, 2016 RHN CPA No Comments

Foreign Property Reporting Requirements Canadian residents are required to report their income on a worldwide basis. In addition, every individual must indicate on their personal income tax return whether they own “Specified Foreign Properties” with an aggregate cost of $100,000…



Personal Tax Tip – Taxes and Real Estate

April 12, 2016 RHN CPA No Comments

Buying or selling real estate, or even just changing the use of your property, can trigger complicated tax implications. Familiarize yourself with these important facts whether you are currently a property owner or if you are thinking about buying your…



Personal Tax Tip – What Students Need To Know

April 11, 2016 RHN CPA No Comments

Post-Secondary Education Expenses Don’t forget your education expenses on your tax return. Students enrolled at eligible Canadian post-secondary institutions, such as universities or certified trade schools, might be entitled to a tax credit for tuition fees and ancillary fees (e.g.,…



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