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Category Archives for Tax Planning

9 Tax Planning Strategies to Reduce Tax Day Stress

I Canada and the US, April brings with it the income tax deadline for filing your taxes … and if you are like most people, it is hard not to feel a little bit of trepidation and stress around filing your taxes. With that in mind, let’s look at some tax planning strategies to reduce tax day stress Full Post Here

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7 Tax Implications for Married Couples

Getting married is very significant life event, after which many things change. From a financial perspective, getting married is also a significant event and it carries a number of tax implications. here are 7 tax implications for married couples to keep in mind Full Post Here

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Tax Freedom Day 2013

Tax Freedom Day 2013 in Canada fell on June 10th according to the Fraser Institute. For your viewing pleasure, here’s the 2013 version of the Tax Freedom Day video. Full Post Here

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Volunteer Firefighter Tax Credit

If you are a volunteer firefighter in Canada, you may be eligible for the Volunteer Firefighter Tax Credit to help reduce your income taxes. Watch the video to learn how it works. Full Post Here

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First Time Home Buyers Tax Credit

For Canadian home buyers, the First Time Home Buyers Tax Credit is a non-refundable tax credit available to first-time home buyers of qualifying properties. Watch the video to learn how it works. Full Post Here

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Childrens Fitness Tax Credit

As we have mentioned in other posts, in Canada, there are a number of federal income tax savings credits available to help you reduce your taxes that you may not be aware of. The Children’s Fitness Tax Credit is a non-refundable tax credit available to families to with eligible children enrolled in a prescribed program of physical activity. Watch this video. Full Post Here

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Public Transit Tax Credit

For Canadians who regularly use public transit, the Public Transit Tax Credit is a non-refundable tax credit available to help offset the costs of unlimited transit passes you buy throughout the year. Watch this video to learn how it works. Full Post Here

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Tradespersons Tools Deduction

If you are a tradesperson in Canada, you may be eligible to claim the Tradesperson’s Tool Deduction to help reduce your taxes. Watch the video to understand how it works. Full Post Here

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Childrens Arts Tax Credit

The Childrens Arts Tax Credits a non-refundable tax credit available to families to with eligible children enrolled in a program of artistic, cultural, recreational, or development activity. Watch this video to learn how it works. Full Post Here

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Family Caregiver Tax Credit

In Canada, there are a number of federal income tax savings credits available to help you reduce your taxes. The Family Caregiver Tax Credit is a non-refundable tax credit for taking care of an eligible dependent. This video explains how it works. Full Post Here

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Canadian Income Tax Deadlines for Your 2012 Income Tax Return

Here is a quick reminder about some important Canadian Income Tax deadlines for filing your 2012 personal income tax return if want to avoid paying unwanted interest penalties. Full Post Here

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Pension Income Splitting to Reduce Your Taxes

We’re into the final stretch drive for filing your 2012 income tax returns and so we want to highlight some opportunities to reduce your taxes. Pension income splitting is one tactic that may offer you the opportunity to reduce your overall 2012 income taxes. Here’s how it works. Full Post Here

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2013 Canadian Federal Budget Charitable Gifting Changes

The 2013 Canadian Federal Budget was released on March 21, 2013 and includes some interesting proposed changes related to charitable gifting and tax shelters. Full Post Here

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How We Think About Charity

What if how we think about charity — particularly in terms of whether or not a particular charity’s overhead is too high — is completely wrong? Full Post Here

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Commonly Overlooked Tax Deductions

Looking for ways to reduce your taxes always becomes top of mind when you are about to file your taxes. Full Post Here

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Tax Advantages of Owning a Small Business

It may not necessarily surprise you that there are a number of tax advantages of owning a small business, but if you are like most people, you don’t necessarily really understand what they actually are. In today’s post, lets walk through a simple overview of some key advantages when it comes to reducing the amount of income tax you have to pay. Full Post Here

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Income Tax Red Flags That Will Get You Audited

We’re rapidly approaching tax filing time in both the US and Canada. As you prepare to file your taxes, beware of these income tax red flags that will get you audited Full Post Here

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Tax Advantages of Gifting to Charity

If you are like most Canadians, you may not fully appreciate the tax advantages of gifting to charity … and the real power of charitable donations to reduce the amount of income tax you pay. Here’s a video from the CRA that might leave you surprised at the extent to which your are encouraged to give to charity. Full Post Here

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Year End Tax Saving Strategies

there is still time to implement some money-saving tax strategies that can help to maximize your yearly deductions and minimize your upcoming tax bill. Here are some year end tax saving strategies to help reduce your income tax bill even if you haven’t done much tax planning earlier in the year. Full Post Here

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Year End Tax Strategies for Small Businesses

If you are a small business owner, here are some effective year end tax strategies for small business to help reduce your business tax bill for the year. Full Post Here

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