RSSCategory: Personal Tax Tips

Apr

9

Registered Education Savings Plan

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Registered Education Savings Plan The Purpose of the RESP is to allow income to accumulate on a tax deferred basis and then be used by a child to attend post-secondary education. Contributions are not deductible; Max. RESP period: 35 years, i.e., plan must be terminated by the end of the 35th year (40 years if […]

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Jan

14

SELF EMPLOYED OR EMPLOYEE TAXES?

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Self Employed Taxes or Employee? EMPLOYMENT INCOME see CRA information guide (RC4110) It is important to distinguish between an employee and a self employed individual for tax purposes as the deductions available in computing net income differs significantly for each of the above. So if you are wondering whether self employed taxes or employee taxes apply to […]

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Nov

9

NON-RESIDENTS

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Under Canadian tax law, it is important to determine if the taxpayer is a resident or not of Canada. A resident will be taxed on his worldwide income, while a non-resident is personally taxed only on Canadian source income. Judicial decisions – factors considered by the courts: Major Factors Routine settled life concept (regularly and […]

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May

7

Accounting Montreal Testimonials

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We asked some of our Accounting Montreal customers to provide us with feedback on our services with a testimonial and this is what some of them had to say: “My Partner and I have used the accounting services of Ian Singer both for our business and our personal tax needs since 2008. He has always […]

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Dec

6

Inter vivos and testamentary trusts

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An inter vivos trust is a trust created between living persons, as opposed to a testamentary trust, which arises upon the death of an individual and as a consequence of that death. A testamentary trust is usually established in the will of the deceased but it may also be created pursuant to a court order. […]

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Dec

6

Employment income taxable benefits

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Automobile made available to an employee; Where, in a year, an employer or a person related to an employer makes an automobile available to an employee or to a person related to an employee, a taxable benefit is deemed to have been received by the employee. This taxable benefit is composed of two elements: a […]

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Nov

22

GST QST Housing Rebate

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GST QST Housing Rebate A rebate is available on a portion of the GST/HST and QST paid by the owner on a newly built house, or on the substantial renovations made to a house. This includes a major addition built on land owned or leased and the conversion of non-residential property. This rebate is available […]

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Nov

21

Student Tax Credit & Education Tax Credits

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Student Tax Credit & Education Tax Credits Tuition for Students & Education Tax Credits Students can receive an education amount of $400 per month for a full-time student and $120 per month for a part time student. Disabled students are entitled to the higher credit regardless of their full-time or part time enrollment. The portion […]

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