The Tax Blog for Smart Canadians

An RESP is a registered account that allows you to save money in a tax-efficient way for your children’s post-secondary education. What does it entail, and why is it such a great financial tool? Let’s find out. Full story...

Often overlooked, the moving expenses deduction is a great tool that allows workers and students to claim travel expenses when moving to a new job or school location. Let’s take a deep dive into this deduction. Full story...

The RRSP deadline for the 2022 tax year is fast approaching! Time to go through the couch covers and scrounge up the last of our savings to make that all-important contribution. Let’s look at some fundamental concepts of RRSPs. 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...

The Income Tax Act provides for many credits and deductions to help reduce your tax payable. There is one tool in particular which is very powerful in doing that, but often forgotten: the carryforward. What is it, and how is it used? Let’s find out. Full story...

In the latter half of 2022, the federal government announced new measures to help Canadians cope with soaring inflation as part of its Affordability Plan: the doubling of the GST credit, the Canada Dental Benefit and the Canada Housing Benefit. Let’s have a look at these measures. Full story...

In its latest budget, the federal government introduced a new savings vehicle for the purchase of a first home. Here are the broad lines of this new program. 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...

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...

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...

A tax-free savings account is a great investment vehicle that allows you to shelter your gains from taxation. Let’s have a look at the ins and outs through a Q&A. 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...

Every year, Canadians make contributions to their RRSPs to save on their tax bill and fund their future retirement. There is some confusion as to what the RRSP deadline actually is for the upcoming tax return, so let’s clear that up. 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...

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...

The best part of filing your tax return is (hopefully) getting a refund. You’ve earned it! Now, what should you do with the cash? Let’s find out. 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...

You just got a call from a “CRA agent” telling you that you owe money to the government and that you have to pay off the debt quickly or there will be legal consequences. Full story...

COVID-19 or not, RRSP season is here! Time to go through the couch covers and scrounge up the last of our savings to make that all-important contribution. Let’s look at some fundamental concepts of RRSPs. Full story...