CRA Warns About Email Scam

The Canada Revenue Agency (CRA) is warning about email scams intended to get your personal information. The scam comes in the form of an email, purportedly from the CRA and asking you for your personal information, or to click on a link to get your refund. The CRA says it does not ask for personal information of any kind by email. These emails can contain special coding or downloadable forms … [Read more...]

Tax Tips for Seniors

SOURCE: THE STAR My 78-year-old mother is incredibly organized, particularly when it comes to her finances. She keeps all of her income tax receipts in one folder, along with information about her investments, property taxes, and her medical expenses. That’s a huge help when it comes to income tax time. If you’re caring for an aging parent, or helping a senior or anyone over 50 with his or her … [Read more...]

2012 Tax Filing Season: A Look At tax Filing Software

SOURCE: THE STAR You can save a lot of money by cutting out an accountant and using tax preparation software to do your own taxes this year. After years of using an accountant at a cost of anywhere between $100 and $300, I decided to file my own taxes last year using Turbo Tax. I found the experience to be easier than I thought it would be sespite having multiple income sources, deductions, … [Read more...]

Your Income Tax Return: A Guide to the Biggest Refund

Source: The Toronto Star Mastering your income tax return is not as tough as it seems, even though it’s tough to be an expert at something you only do once a year. Whether you decide to pay for income tax help, or do it yourself, getting your tax return right has never been more important. With household debt at a record 150 per cent of disposable income, a tax refund is a good place to start … [Read more...]

Free Goodies Non-Taxable

We all love when we win free goodies at the stores. But do you know that in Ontario, they also come tax-free? With the new Harmonized Sales Tax (HST), replacing the federal General Services Tax (GST) and the Provincial Services Tax (PST) which were levied separately, there is some confusion about what are taxed. Yes, this is something even some stores forget; for example, if you have a … [Read more...]

More Tips on Tax Filing

There are a number of ways to get the maximum benefit from your tax filing, as a recent posting in the Toronto Star suggests. One of the important points, which many do anyway, is to file the return as a family. The Star article provides the obvious recommendation of preparing each return separately but file as a family. Start with the lowest income earner and working upwards on the income … [Read more...]

Common Mistakes Made During Tax Filing

It is tax time, and filling out the tax-form is an art. Recently, the CanadianAccountantTips blog ran a posting on some common errors many of us make: Omitting Small Income For example, many often do not include all their income. Many omit small amounts of income, even though they have to.   Claimable Expenses Then there are expenses for which tax credits can be … [Read more...]

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