As the saying goes, time flies and another tax year has come and gone. Check out CRA’s web site for important tax filing deadlines, including the following: INDIVIDUALS – on or before April 30, 2011 SELF-EMPLOYED PERSONS – on or before June 15, 2011 Please note that any tax owing is due on or before [...]

We’ve all heard the saying – less is more. And, more often than not, it’s true. While it’s good to be detail-oriented when sorting your business expenses by category, there’s a fine line where it can become over-categorization. For instance, when categorizing office supply expenses, it’s not necessary to break them down into separate categories [...]

If you haven’t already done so, there’s still time to take advantage of the federal government’s Home Renovation Tax Credit. The temporary credit gives homeowners who spend between $1,000 and $10,000 on eligible renovations, up to $1,350 off their 2009 tax bill. It’s a great opportunity to make improvements to your dwelling and increase the [...]

With barely a month to go before the end of the year, it is time to get your house in order. Herewith, your top 10 end-of-year tax tips: 1. Tax-loss selling This is the practice of selling investments that are in a loss position at year-end in order to offset capital gains elsewhere in your [...]