Here's a list of some items to gather for your 2013 taxes; whether you do it yourself or use a tax professional like myself. Get these items together in a folder or envelope to make it easier for yourself and to pay the least taxes (legally) possible. Tax-Slips...

As of January 2014 the annual contribution limit for the Tax Free Savings Account is again $5,500. If you've never contributed, you may have $31,000 of contribution room as of January 2014. Since TFSA were made available in 2009, Canadians (18+) have been able to earn...

You have less than one month to arrange your affairs (legally) to minimize your 2013 taxes payable. The only tax planning that you can delay up to March 1 2014 is the RRSP contribution. 2013 is the final year you can adjust your 2003 taxes. What could you possibly...

In the Spring of 2013 the budget announced by the Federal Government included more financial incentive or motivation for you to start giving to charitable organizations. They introduced a Super Credit for first time donors. Let’s first find out what a first time donor...

This subject may not apply to you, but I hope you will continue to read on. Just by knowing a bit about how Canada Revenue Agency treats those who were married or common-law and separate you may be able to help someone you care about in the future; maybe a child or...

This topic has come up a few times over the summer so perhaps it's time to explore what you need to know. Even if this situation does not apply to you, I hope you will continue to read as there is likely someone you know or care about that may be in a second marriage...

If you get a Notice of Reassessment from Canada Revenue Agency, take a good look at it and find out why you got it. You don't want to face future penalties! Often a Notice of Reassessment is issued because a tax slip was not included when the taxes were filed. I find...

I recently attended a course on the responsibilities of being an Alternate Decision Maker when someone appoints you in their Power of Attorney document. I thought I knew all about it, but I sure didn't know all the important details. I'm really glad I went. First, as...

Do you travel to the US for the winter for long periods of time? If so, you may need to file an exception to filing a US tax return that is due June 15 each year. If you don't want to face some possible penalties, you may need to file a form called the Closer...

There were two budgets announced recently. The federal government announced its annual budget in March and the Province of Manitoba announced its budget changes in April. The Province of Manitoba’s budget announced in April had the biggest outrage over the 1% increase...

The Federal Budget was released on March 21 and the Province of Manitoba will release its budget in April, so I’ll hold my comments about those two for my May article. And they don’t affect the current 2012 Personal Income Taxes that everyone has just recently filed,...

My previous article for February had the basics of taxes and how they work. Here are several tax credits and deductions that may not be known by all tax payers. Caregiver Amount – this credit is available if you provide in-home care to a parent or grandparent age 65...

Canada Revenue Agency opens Feb 11 2013; this means you can file your own electronically (note my caution later in the article), those of us tax professionals can begin to e-file our clients’ returns and CRA will start to process paper filed returns. Before we get...

January 2013 the annual contribution limit for the TFSA has been increased to $5,500 from the $5,000 per year it has been since the Tax Free Savings Account was introduced. Since TFSA were made available in 2009, Canadians (18+) have been able to earn tax-free...

Congratulations Manitobans! We rank near the top in charitable giving. A BMO Harris Private Banking poll released in November found 84 per cent of Manitoba and Saskatchewan residents (lumped together in this poll) donated to a charity in the last year. The amount we...

Did the headline catch your eye? Don’t get me wrong, I like Canada Revenue Agency! As they keep making taxes more complex by adding more tax credits, it ensures I stay in business as a professional tax preparer! My goal every year with each client is to make sure you...

I just learned that October 30th was "Create a Great Funeral Day". It's a new recognition day, barely a decade old. It was registered as an official 'day' by Stephanie West Allen as a way of attempting to relieve the pressure of having to decide what a loved one would...

Some investors have been receiving notices of assessments from CRA to pay penalties on their Tax Free Savings Accounts (TFSA). I think it’s time for a quick review to make sure you are operating your accounts correctly so you can avoid any penalties. First some...

A recent situation with a client prompted me to rewrite this article that I had written a few years ago. Joint accounts between spouses is not the topic of this article. An individual passed away with no spouse and no children and no Will; the beneficiaries of the...

In April, the Manitoba Government announced its new budget including some tax increases to the usual items and some brand new taxes. The fuel tax will increase 2.5 cents per litre to 14 cents per litre. At least it’s a flat tax regardless of how much gas is per litre...

The federal government recently announced some budget cuts, including eliminating the penny, cuts to the Employment Insurance program and the CBC, reduced services in federal parks, Old Age Security increase in age, and more. The Manitoba government recently announced...

Do you travel to the US for the winter for long periods of time? If so, you may need to file an exception to filing a US tax return that is due June 15 each year. If you don’t want to face some possible penalties, you may need to file a form called the Closer...

I enjoy the challenges of finding tax savings for my clients. When I meet new clients each year, I look forward to reviewing their past taxes looking for missed tax savings, or letting them know about ways to save taxes in the future. You may think you are “saving”...

Completing your tax return is really a tax reconciliation. You have taxes withheld on your employment income, pension income, RRSP withdrawals and RRIF and annuity payments. Most individuals with one T4 (employment income) without any other deductions or credits...