Records Retention If you run your own business, you are required to retain books and records that relate to a specific taxation year for a…
When Your Children Work for Your Business If your children help you run your business, you can pay them a reasonable salary and deduct it…
Individuals with Disabilities In addition to the disability tax credit, parents and others will be able to establish Registered Disability Savings Plans (RDSP) to provide…
Tradesperson’s Tools Deduction Many employed trades people must provide their own tools as a condition of employment. In recognition of this, an employed tradesperson is…
Home Office Expenses The income tax rules related to home office expenses (technically called “work-space-in-the-home expenses”) are similar for self-employed individuals and non-commissioned employees as…
Tax Free Savings Accounts Since 2009, individuals 18 or older who were residents of Canada for income tax purposes could contribute amounts to a Tax…
Foreign Source Income If you are a Canadian resident and have received income from foreign sources, you must report this income in Canadian dollars on…
Carry-forward Amounts If you are unable to use certain deductions or tax credits in a particular tax year, you might be able to use them…
Why File a Personal Income Return? Why fill out a tax return if you have no taxable income for 2015? You might be eligible for the…
If you are a person carrying on a business (individual, partnership, corporation, registered charity, trust etc.) and are required to pay or…
