April 23, 2020

8 Top Tax Filing Mistakes to Avoid

Tax filing mistakes can mean missed refund opportunities! Or it can mean an audit. If you are like most Canadians, you file your taxes yourself. It is easy enough to overlook tax law changes or other unpredictable circumstances. And then that could set you up for tax filing mistakes. Making mistakes on your tax return could cost you. So, what… Continue Reading

April 22, 2020

Complete Tax Guide for a Widower

Dealing with the death of a partner is difficult. CRA recognizes this as a difficult time, but there are still definite rules about what to do following the death of a Canadian taxpayer. So, this CloudTax complete tax guide for a widower outlines what you need to know. What to do first Are you the legal representative? What if they… Continue Reading

April 22, 2020

Complete Tax Guide for Seniors

So many things change when you turn 65! After the party, it’s a good idea to consult a tax guide for seniors. There are tax benefits and credits only for seniors, so get access to every program CRA has for you. These are some of the most common claims as a general tax guide for seniors: Pension income splitting Split… Continue Reading

April 15, 2020

Do I qualify for the Ontario Trillium Benefit?

The Ontario Trillium Benefit (OTB) assists low-income families with a refundable tax credit. Three tax credits combine into a single payment: Ontario energy and property tax credit, Ontario sales tax credit, Northern Ontario energy credit These credits are all funded by the Province of Ontario and administered by the CRA. Watch your bank account for deposits that say “Canada Pro.” Do I… Continue Reading

April 15, 2020

How can I claim child care expenses?

Child care expenses are a reality of working or going to school when you have children. Claiming child care expenses reduces the tax you pay. But unfortunately, it won’t translate directly into a refund since it is not a refundable tax credit. The children must meet the CRA eligibility requirements: The child must be dependent on you, your partner or… Continue Reading

April 14, 2020

Who can you claim as a dependent?

Dependents are people who rely on other people, especially family members, for financial support. CRA defines dependent similarly, but this varies for each tax credit. Claiming dependents on your tax return can save you some tax dollars! Read below to see who can qualify as an eligible dependent. Who can you claim as an Eligible Dependent? In single-parent families, the… Continue Reading

April 13, 2020

Can you get a tax refund if you’re on welfare?

Many people on welfare often think that there is no reason even to file their taxes. Up to a quarter don’t believe it is possible to get a refund if you’re on welfare. And although it is technically accurate that you can’t get tax dollars back if you never paid anything in, you could get tax credits that give you… Continue Reading

April 13, 2020

Reporting Social Assistance Payments on Your Tax Return

Most Social Assistance payments are reported two places on your tax return. When you report them twice, they determine your eligibility for certain tax benefits. But you deduct them again to calculate your taxable income. Social assistance payments pay third parties based on needs, means, or income tests. They include payments for shelter, food, and clothing for impaired or elderly… Continue Reading

April 12, 2020

Filing Tax as an International Resident/Emigrant

Millions of Canadians live overseas. Snowbirds head south for the winter. Many Canadians work temporarily in Europe or retire in South America. Leaving Canada has tax implications. Due to NETFILE restrictions by the CRA, all NETFILE-certified software are restricted to send tax returns for non-residents. In other words, only certified e-filers and professionals will be able to file your return… Continue Reading

April 12, 2020

How to file your taxes while living abroad

It's true! You might not need to file a Canadian tax return outside of Canada. Let's take a look at how to file your taxes while living abroad because the requirements vary. Your residency status and types of income make a big difference. Generally, you are an emigrant the year you break ties with Canada. For the following years, you… Continue Reading

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