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Deciding when to begin receiving Old Age Security benefits (May 2020)
The Old Age Security program is the only aspect of Canada’s retirement income system which does not require a direct contribution from recipients of program benefits. Rather, the OAS program is ...

Planning for 2019 charitable donation tax credit claims (May 2020)
By the time most Canadians sit down to organize their various tax slips and receipts and undertake to complete their tax return for 2019, the most significant opportunities to minimize the tax bill fo...

Changes to RRIF withdrawal requirements for 2020 (May 2020)
The past few months have been an almost perfect storm of bad financial news for Canadian retirees. The historic stock market downturn which occurred in mid-March resulted in a significant loss of valu...

Making sense of the new tax filing and payment deadlines (May 2020)
There have been so many announcements over the past couple of months with respect to temporary changes to individual and business tax obligations that keeping up with all of the new rules and altered ...

Administrative measures - COVID-19 (April 2020)
Suspension of review, audit and collection activities The Canada Revenue Agency regularly carries out review activities in which taxpayers are asked to provide documentation or other information with...

Business measures - COVID-19 (April 2020)
Wage subsidy program for employers The federal government will be providing eligible employers who have experienced a significant decline in revenues with a wage subsidy. For purposes of the subsidy,...

Individual tax measures - COVID-19 (April 2020)
Changes to filing and payment deadlines for 2019 returns Individual Canadians are generally required to file their tax returns for the 2019 tax year on or before April 30, 2020. Self-employed Canadia...

COVID-19 tax measures - overview (April 2020)
The current pandemic has changed the lives of Canadians in innumerable ways, and the tax system has not been exempt from those changes. In fact, since we are currently in what would in normal circumst...

What to do when you can’t pay your tax bill (March 2020)
Most taxpayers sit down to do their annual tax return, or wait to hear from their tax return preparer, with some degree of trepidation. In most cases taxpayers don’t know, until their return is ...

Claiming medical expenses for 2019 (March 2020)
The Canadian tax system provides individual taxpayers with a tax credit for out-of-pocket medical and para-medical expenses incurred during the year. Given that such expenses must be incurred at some ...

Filing your tax return for 2019 – when and how (March 2020)
Between now and June 15, more than 26 million income tax returns for the 2019 tax year will be filed by individual Canadian taxpayers. The vast majority of those returns will be filed by electronic me...

What’s new on the 2019 tax return? (March 2020)
The one constant in income tax is change and consequently, while Canadian taxpayers must prepare and file the same form – the T1 Income Tax and Benefit Return – every spring, that return f...

New Quarterly Newsletters (Q1 2020)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues....

Responding to a tax instalment reminder from the CRA (February 2020)
Sometime during the month of February, millions of Canadians will receive mail from the Canada Revenue Agency. That mail, a “Tax Instalment Reminder”, will set out the amount of instalment...

Taking advantage of pension income splitting (February 2020)
Income tax is a big-ticket item for most retired Canadians. Especially for those who are no longer paying a mortgage, the annual tax bill may be the single biggest expenditure they are required to mak...

RRSPs and TFSAs – making the annual choice (February 2020)
If there is one invariable “rule” of financial and retirement planning of which most Canadians are aware, it is the unquestioned wisdom of making regular contributions to a registered reti...

Authorizing a representative – current rules and upcoming changes (February 2020)
There’s no denying that the Canadian tax system is complex, even for individuals with relatively straightforward tax and financial circumstances. As well, significant costs can follow if a taxpa...

Employment Insurance Premiums for 2020 (January 2020)
The Employment Insurance premium rate for 2020 is decreased to 1.58%....

Quebec Pension Plan Premiums for 2020 (January 2020)
The Quebec Pension Plan contribution rate for employees and employers for 2020 is 5.7%, and maximum pensionable earnings are $58,700. The basic exemption is $3,500....

Canada Pension Plan Contributions for 2020 (January 2020)
The Canada Pension Plan contribution rate for 2020 is increased to 5.25% of pensionable earnings for the year....

Federal individual tax credits for 2020 (January 2020)
Dollar amounts on which individual non-refundable federal tax credits for 2020 are based, and the actual tax credit claimable, will be as follows:...

Federal individual tax rates and brackets for 2020 (January 2020)
The indexing factor for federal tax credits and brackets for 2019 is 1.9%. The following federal tax rates and brackets will be in effect for individuals for the 2020 tax year:...

Tax deadlines and limits for the 2020 tax year (January 2020)
Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax planning strategies. Some of the more significant dates and changes for indi...

Tax changes effective January 1, 2020 (January 2020)
Alberta The general corporate income tax rate will decrease from 11% to 10%, effective January 1, 2020. The provincial education and tuition tax credits are eliminated as of the 2020 taxation year. ...

Claiming a deduction for union or professional dues (December 2019)
Between now and the end of February 2020, Canadians will receive a variety of receipts for expenditures made during the 2019 taxation year. Some of those expenditure receipts will support a tax deduct...

Timing medical expenses for maximum tax credit (December 2019)
While Canadians benefit from a publicly funded health care system, there are nonetheless a large, and increasing, number of medical expenses which are not covered by provincial health care plans. As w...

Year-end planning for RRSPs and TFSAs (December 2019)
For most Canadians, registered retirement savings plans (RRSPs) don’t become top of mind until near the end of February, as the annual contribution deadline (which, for 2019 contributions, will ...

The tax costs of holiday gifts and celebrations (December 2019)
During the month of December, it is customary for employers to provide something “extra” for their employees, by way of a holiday gift, a year-end bonus or an employer-sponsored social eve...

New Quarterly Newsletters (November 2019)
Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues....

Looking ahead to 2020 (November 2019)
Planning for – or even thinking about – 2020 taxes when it’s not even December 2019 may seem more than a little premature. However, most Canadians will start paying their taxes for 2...

Planning for year-end charitable donations (November 2019)
The start of fall marks a lot of things, among them a number of runs, walks and other similar events held to raise money for a broad range of Canadian charities. And, within the next month, as the hol...

Getting a fix on your retirement income (November 2019)
Most Canadians expend a considerable amount of time and effort in order to put money aside for retirement. Especially in an era in which the majority of workers can’t look forward to receiving a...

Getting credit(s) for financing the political process (November 2019)
To win elections, politicians need votes. And to run the election campaigns needed to garner those votes, those politicians need an organization, volunteers, and money — a lot of money. To wage ...

Taking stock of your TFSA (October 2019)
Tax-free savings accounts (TFSAs) have been around for a full decade now, having been introduced in 2009, and for most Canadians, a TFSA (along with a registered retirement savings plan (RRSP)) is now...

When are legal fees deductible? (October 2019)
In most cases, the need to seek out and obtain legal services (and to pay for them) is associated with life’s more unwelcome occurrences and experiences — a divorce, a dispute over a famil...

Structuring retirement income – what to do with your RRSP (October 2019)
As the baby boom generation ages, members of that generation must switch their focus from the accumulation of retirement savings to creating a structure which will ensure a steady flow of income throu...

Shared-custody parents and the Canada Child Benefit (October 2019)
When parents separate and divorce, it is frequently the case that they are able to agree on an arrangement to share custody of their children. Such a shared-custody arrangement is often to the benefit...

Claiming a tax credit for out-of-pocket medical costs (September 2019)
Canadians are fortunate to benefit from a publicly funded health care system, in which most costs of care ranging from routine visits to a family doctor to intensive care in a hospital setting are pai...

Coming clean with the tax authorities - the Voluntary Disclosure Program (September 2019)
The Canadian tax system is a “self-assessing system” which relies heavily on the voluntary co-operation of taxpayers. Canadians are expected (in fact, in most cases, required), to complete...

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