The Tax Blog for Smart Canadians

In the latest budget announcement, the Quebec government introduced a new $500 special one-time cost of living tax credit that can be claimed by over 6 million Quebec residents in 2022 for tax year 2021. Let’s find out the details. Full story...

The principal residence exemption represents an important tax break for Canadians who own their home. In this article, we will look at the ins and outs of this exemption. Full story...

As the COVID-19 pandemic rages on, the federal government continues to give benefits to those who are hit the hardest. Read on to learn about the latest benefits and how they affect your tax return. Full story...

A revolution has occurred in the way that people invest and exchange funds through the advent of cryptocurrency. The CRA has noticed and has laid out how it is taxed. Let’s take a look. Full story...

Due to the pandemic, home office expenses have become the hot topic in taxation. Many people were required to work from home, and others started side gigs to make ends meet. Read on to find out what you can claim as home office expenses if you’re an employee or self-employed. Full story...

Another tax season is just around the corner. Let’s have a look at some important changes coming to the tax return. Full story...

Pursuing post-secondary studies can be expensive, but there are income tax measures that can help you with those costs. Let’s find out what they are. Full story...

The Income Tax Act (ITA) is filled with provisions that allow seniors to save on their taxes. Beyond that, however, there are other measures designed to help seniors with their finances. This article summarizes some of these measures and explains how to optimize certain specific benefits. Full story...

With the COVID-19 pandemic raging on, many have been adversely affected, especially financially. Are there tax-efficient ways to raise cash in these trying times? Read on…  Full story...

The federal government recently introduced a wage subsidy to help businesses keep their staff working during the COVID-19 pandemic. What is it, and how does it work? Let’s find out. Full story...

COVID-19 has fundamentally changed the way people work. Due to widespread unemployment brought on by the pandemic, many individuals have started working side gigs through sharing economy apps to make ends meet. Let’s look at some of the tax implications. Full story...

The staple of personal finance is being able to control everyday expenses. We think of these expenses in terms of dollars and cents, but there are factors that we neglect to consider. Read on… Full story...

Another year is in the books but unfortunately, 2020 was a particularly challenging one. However, one thing remains constant in our lives: taxes! Let’s get ready for another tax season with the readiness checklist. Full story...

Your medical expenses for the year are eligible for the medical expense tax credit. Are you missing out on some of them? Read on to find out. Full story...

The federal government recently announced new measures to help seniors during the coronavirus pandemic. What are they? Let’s find out. Full story...

A new tax season is upon us. Unfortunately, it begins in the coldest time of the year, so let’s warm up this winter with a primer on the changes to the tax return. Full story...

We find ourselves in unprecedented times with the COVID-19 pandemic. With fear in the air, our natural instincts tell us to sell our investments and to hoard as much cash as possible. But is that a good idea? And what are the potential tax consequences of panic selling? Full story...

The federal and Quebec governments have announced changes relating to the tax filing deadline as well as other measures due to the coronavirus (COVID-19). Read on for details. Full story...

As the federal government begins to wind down Canada Emergency Response Benefit (CERB), new programs have been announced to help individuals who are encountering continued financial hardships. Full story...