Good morning everyone! It’s almost that time again! Tax Season 2021/2022!
Here is the rounded-up list of essential links you NEED to review in order to be properly prepared for tax season. There are sections for personal income tax, WCB, business reporting, trusts and much much more!
Still, have questions? Contact us today!
Canadian Personal Tax Information
2021 Due Date for Tax Returns & Payments is May 2, 2022.
Personal income tax returns, except for those of individuals with self-employment income, are normally due by April 30th, as is any amount owing. Penalties and interest may be charged for late returns or late payments.
Self-Employed Due Date
Individuals with self-employment income have until June 15th to file their 2020 personal tax returns, but any amounts owing must still be paid by April 30th. This extension applies to individuals who carried on a business in the year, other than a business whose expenditures are primarily the cost or capital cost of tax shelter investments. The extension also applies to the spouse of an individual who carried on a business in the year. S. 150(1)(d)(ii) of the Income Tax Act regarding the extens
Personal Income Tax Calculators, RRSP/RRIF calculators, investing calculators and more
Personal Income Tax Articles
- How is income tax calculated in Canada?
- Who has to pay tax in Canada, and on what income?
- Barter and BitCoin / cryptocurrency transactions can result in taxable income and deductible expenses.
- Selling goods on eBay may result in taxable income.
- Why should I file if I don’t have income or have to pay tax?
- Income splitting– Make sure both spouses will have the same annual income when they retired
- Tax planning – plan ahead!
- Leaving Canada
- Gifts and inheritances – are they taxable?
- Medical expenses – Claim them on the tax return of the spouse with the lowest income (usually).
- Tax shelter donation arrangements, and gifts of property.
- US estate tax may be payable by Canadian residents.
- US taxes withheld from gambling or lottery winnings of Canadian residents.
- Students – Scholarships and awards, tax credits, moving expenses, private school, etc.
- Free taxation videos, seminars, and other events
- Taxpayer Rights / Taxpayers’ Ombudsperson
- Prescribed Rate Loans: Low interest rates make it a great time to trim taxes with income splitting
Employee Tax Topics
- Employee loans and loan subsidies may result in a taxable benefit to the employee
- Disability insurance – Pay your own premiums!
- EI tax slips are available online
- Employee vs self-employed independent contractor
- Employment expenses – what can be deducted? – Includes working from home expenses.
- Multiple jobs: I worked 3 different jobs at the same time last year – why do I owe so much income tax?
- Part time work and tax deductions – I worked only 3 months this year – why did I pay so much income tax?
- Severance and retiring allowance – defer tax
- Take-home pay calculators
- Tax-free benefits
- Tax-free motor vehicle allowances
- TD1 forms: Make sure yours are up-to-date, TD1X forms for commission employees
- Employee and partner GST/HST rebate for those who have deductible employment or partnership expenses
- Employees of foreign firms – what tax must be withheld by your employer?
- Non-resident workers in Canada – employees, service providers, actors
- Retention of books and records by an individual (including tax returns)
- T4 slips – when are they required?
- Employment Benefits – COVID-19: CRA – Employer-provided benefits and allowances
- Working from Home – Extended Relief: CRA – How to claim home office expenses
- Employee Parking Provided by Employer
- Employee Work Space in Home Expenses
Investing Tax Topics
- Attribution Rules re Gifts, Transfers, or Loans to a Spouse or a Related Minor Child
- Capital gains and losses
- Foreign spin-offs – Tax deferral for distributions.
- Interest expense on money borrowed to purchase stocks and bonds (securities) – can I write it off?
- Interest expense paid to a non-resident
- Investment income tax rates – Try to earn your investment income (outside of RRSPs) at the lowest tax rate possible.
- Investment losses – Make use of them.
- Tax issues re investments, and tax treatment of different types of investments
- Transfer shares to your RRSP, but not at a loss!
- Offshore investment schemes – warning from CRA
Property Rental, Real Estate
- What expenses can be deducted from property rental income?
- Change in use – What happens if I move into my rental property, or start renting out my home?
- Real estate sales – are they taxable? What about my principal residence?
- Tax implications of owning a cottage or second home
- Can I write off interest expense on money borrowed to purchase real estate?
- Interest expense paid to a non-resident
- Non-capital loss
- CPP Benefit Payment – Impact of COVID-19: Globe and Mail – The case for deferring your CPP benefits is stronger than ever.
- Canada Pension Plan Retirement Benefit Rules
- CPP Retirement Pension Calculator
- Worker’s Compensation – Accident at Home Office: National Post – Air Canada employee who fell on stairs in her home eligible for worker’s compensation
- Expanded Trust Reporting Rules: CRA – Reporting Requirements for Trusts
- CRA Processes, Services and Focus Areas: CPA Canada / December 2021 Provincial Roundtable Questions and Answers
- Post-Assessing Corporate Reviews – Advertising And Promotions
COVID-19 Business Subsidy Updates
- CRA Dec 21, 2021 News: COVID-19 Recovery Programs continue to provide support to Canadian businesses and organizations
- Tourism and Hospitality Recovery Program (THRP)
- Hardest-Hit Business recovery Program (HHBRP)