The Tax Blog for Smart Canadians

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...

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...

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...

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...

With the legalization of marijuana in Canada, a whole new sector and a new set of companies are available to invest in. The potential gains are limitless. The potential gains are limitless. However, they also come with a lot of risk. Read on to find out how you can minimize the downsides. 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...

So you’re thinking of moving abroad to pursue your studies. That’s great! There’s nothing like travelling the world while expanding your horizons. But how will this impact your tax return? Read on… Full story...

It’s the age-old tax planning question: should I invest in my RRSP or my TFSA? The answer to this as to any other tax question is that it depends. Don’t worry, this article won’t be another comparative of the differences between these two programs. It will simply ask 5 questions that you should consider before you make a choice. Full story...