Self-employed Canadians are able to voluntarily access Employment Insurance (EI) special benefits. There are four types of EI special benefits:
Maternity benefits (15 weeks maximum) available to parents of a new born or newly adopted child. It covers the periods surrounding birth. A claim can be submitted up to 8 weeks before the expected date of birth, and […]
When deciding as to whether a salary should be paid to a family member, or more specifically to one’s spouse, numerous questions arise. On one side, there is the question of the risk involved that the salary may be unreasonable and having the expense being disallowed. On the other side, there is the benefit of […]
If you run your own business or you are self-employed, you may be tempted to report only part of your income to the tax authorities. Or you might consider suppressing information about your activities.
If you are audited by the Canada Revenue Agency (CRA) you should consider this. The CRA auditor has access to the Internet. […]
If you owe money to any of the tax authorities because you failed to file a return for one or more years, you can make a voluntary disclosure. You will pay only the tax due plus interest. No penalties will be assessed. You have to make a complete disclosure. The information can be less than […]
One of the more common expenses claimed by taxpayers are automobile expenses (applies to any motor vehicle such as a van, bus, pickup truck, station wagon, SUV, or other truck). Many individuals use their automobile for work or business and incur personal expenses in doing so. It is important to note that only expenses of […]
Dear Uncle Bean:
My husband and I have decided to end our marriage. We have been married for 7 years and have two small children. How will this affect my taxes?
Distressed and Disturbed
Dear Distressed and Disturbed:
I am so, so sorry to hear about your situation. Sometimes soul mates turn into soul duds. Unfortunately, ending a marriage […]
Dear Uncle Bean,
My boyfriend and I moved in together about a year ago. He is telling me that we have to select common law on our personal tax return for this year. I don’t want to do this because it is almost like saying that we are married. I’m not sure that I am ready […]
On January 1, 2018, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 1.5{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62}. The Canada Child Benefit and the goods and services tax credit will take effect July 1, 2018.
For 2018 the federal tax bracket thresholds are:
* 15{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62} for taxable income between […]
Are you ready for change? NOW is the time to prepare for tax reform, as every taxpayer will be affected by the new legislation beginning in 2018. Will you see an increase or decrease in your taxes? Will your tax return become simplified or more complicated?The ceiling on the capital cost of passenger vehicles for capital cost […]
With the recent oil price downturn in Calgary and the increase in labor costs, many businesses are looking for ways to save on their taxes and keep their doors open. Here are five ways that retail business owners can potentially save on income taxes and increase their profitability.
Family Member Worker Expenses
Wages that business owners pay […]
