The Tax Blog for Smart Canadians

Recently the federal government announced some important changes to rental income for short-term rentals, such as AirBnB and Vrbo. Let’s have a look at the changes. Full story...

The government recently announced an important change to how capital gains will be taxed. Let’s find out what that is, and how it affects you. Full story...

The federal government recently announced new additional contributions to the Canada Pension Plan (CPP). Let’s find out what they are. Full story...

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...

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...

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...

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...

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...

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...

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...

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...

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...

So, you’ve decided to sell your most valuable asset this year. Maybe you saw an opportunity for a place you’ve had your eye on for some time and you pounced! Whatever the reason is, there will be tax consequences for such a move. Read on… Full story...

RRSP season is upon us! 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...

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...

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...