As a real estate agent, taxes can be one of the biggest challenges you face. Unfortunately, it’s extremely easy to miss out on deductions and thereby add unnecessary overhead to your annual revenues.
3 Tips for Handling Real Estate Agent Taxes
Fortunately, there are three very simple easy tips you can implement right away to save on […]
Working as a medical professional comes with no shortage of challenges. At Padgett Business Services®, we can’t help you with the day-to-day responsibilities you have to your patients, but we can help give you peace of mind by ensuring your finances and taxes are handled properly. To this end, we have created this list of […]
Did you sell your house in 2016? File a tax return and claim the principal residence exemption for the capital gains. Commencing with sales in the 2016 tax year, you must report basic information, such as the date of acquisition, the proceeds of disposition (the sale), and the address, on your income tax and benefit […]
The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000 (plus applicable federal and provincial sales taxes) for purchases after 2002. This ceiling restricts the cost of a vehicle on which CCA may be claimed for business purposes.
The limit on deductible leasing costs remains at $800 per […]
On January 1, 2017, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 1.4{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62}. The Canada Child Benefit and the goods and services tax credit will take effect July 1, 2017. For 2017 the federal tax bracket thresholds are:
15{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62} for taxable income […]
Although there are still a few hardy souls that fill in their tax forms by hand and mail them in, the vast majority of self-preparers use one of the software or online based tax programs to calculate and e-file their income taxes each year. This is much easier than the old way of doing taxes, […]
These changes affect you if you are:
an employee who contributes to the Canada Pension Plan (CPP), whether you’re just starting your career or you are planning to retire soon;
a self-employed person who contributes to the CPP;
between the ages of 60 and 70 and you work while receiving your CPP retirement pension (or […]
Canadians file more than 26 million individual income tax and benefit returns each year, and all are electronically analyzed. Based on this analysis, CRA selects certain returns for review because they are high-risk. Other returns are selected based on a random sample used to measure non-compliance for all taxpayers. CRA has four main review programs:
1. […]
The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000(plus applicable federal and provincial sales taxes) for purchases after 2002. This ceiling restricts the cost of a vehicle on which CCA may be claimed for business purposes.
The limit on deductible leasing costs remains at $800 per month(plus […]
The CRA interest rates for the 3rd quarter are unchanged from the 2nd quarter 2014.
The Canada Revenue Agency (CRA) today announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts the CRA owes to individuals and corporations. These rates will be in effect from July 1, 2014 […]
