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It is that time of year when taxpayers cross their fingers and hope for a tax refund. Canada Revenue Agency (CRA) data for the 2026 tax-filing season through April 20 show about 62 per cent of tax returns filed resulted in a refund. The average refund was about $2,248. Taxpayers with a balance owed an […]
Why retirees are often shocked by tax bills and how to reduce them Read More »
The latest stats from Canada Revenue Agency ’s tax filing season tracker show that as of April 12, 16.1 million taxpayers have filed, meaning about half of us have yet to file our 2025 tax return — including me. But I’m not panicking, as I always wait until the last minute to make sure I
Three steps to make filing your tax return to the CRA less painful Read More »
Every year or two, the market hands you a gift wrapped in anxiety. You watch your portfolio bleed, you refresh your brokerage app more than you should, and you feel helpless. But when you have children, that helplessness can flip into something more actionable. This past year, with the stock market getting crunched by geopolitical
Investing More Than The Gift Tax Exclusion Limit Shouldn’t Be A Problem Read More »
Q. I have loaned $500,000 to my wife at the Canada Revenue Agency’s (CRA) prescribed low interest rate of three per cent and she has been paying the required interest. I am gifting $100,000 by bank transfer to my adult son, who is 21 years old. He will transfer the same amount by bank transfer
In the past month, two warnings concerning the use of artificial intelligence (AI) in the world of Canadian personal tax have been issued. The first, was a general warning to Canadian taxpayers courtesy of the Canada Revenue Agency , while the second was a reminder from a federal court judge about the use of AI
Warnings about AI and your taxes come from both the CRA and a judge Read More »
Of the numerous non-refundable credits on the 2025 tax return, one of the most valuable ones is the disability tax credit (DTC). The DTC is a non-refundable tax credit that is intended to recognize the impact of various non-itemizable, disability-related costs. For 2025, the value of the federal credit was 14.5 per cent of $10,138,
CRA denied taxpayer with multiple health issues the disability tax credit Read More »
Tax filing season officially began just over three weeks ago, and according to the latest individual income tax return statistics for the 2026 tax-filing season, as of March 15 the Canada Revenue Agency has received 5.5 million returns , nearly all of which (96 per cent) were filed electronically. Of the returns processed by the
Canadians continue to run into trouble with their tax-free savings accounts ( TFSAs ), as evidenced by the steady flow of e-mails I get from readers complaining about being charged overcontribution tax by the Canada Revenue Agency for situations often beyond their control. For example, just this week, a reader wrote to me about the
CRA refused to cancel TFSA overcontribution tax Read More »
I used to impose what my kids jokingly called the “Dad tax” when they were younger. If we went out for dinner and they ordered something that looked particularly appealing, I would demand a small sample as my tax for paying the bill. Over time, they figured out how to avoid the tax by ordering
Tax season is in full swing, and we know you have questions. That’s why our expert tax columnist, CIBC’s Jamie Golombek , is answering Financial Post readers’ questions during this live chat, hosted by FP’s Larysa Harapyn. Leave your questions in the comments below (they won’t show up as we are moderating them) or email
Livestream Q&A: Jamie Golombek answers your tax questions Read More »
I was frustrated a number of years ago when I was leading our firm. We were very busy, we had too many “good ideas” and our capital — financial and human — was spread thin across too many projects. Output wasn’t matching effort. But our productivity improved almost immediately when we cut the noise and
One tax change that could improve Canada’s productivity and benefit all Read More »
As you start to organize your tax slips, receipts and other tax information to begin preparing your 2025 personal tax return , you’ll want to ensure you have all the details of any foreign property you held last year. The prompt to report ownership of foreign property appears right on page two of the 2025
Taxpayer got no relief from court after CRA penalties on late filing of foreign holdings Read More »
Once defined solely by a critical lack of supply, Canada’s housing crisis now faces the compounding challenge of plummeting sales. Sales over the past year have dropped in major centres across the country, particularly in the Greater Toronto Area (GTA), where the housing shortage remains most acute. Home sales in the GTA fell 11.2 per
Brad Carr: Canada needs to cut the GST/HST for all new homebuyers, not just first-timers Read More »
Let’s pretend your boss promises you a big raise and a bonus, but you won’t actually receive either for 24 months. Now, imagine the government taxes you on that promise today. Say the raise and bonus will eventually total $50,000. Even though you won’t see a dollar of it until two years from now, you
Taxing unrealized gains is a silly idea that Canada should ignore Read More »
Borrowing to fund your registered retirement savings plan (RRSP) or your tax-free savings account (TFSA) may seem tempting at this time of year, as promotions abound, especially for RRSP loans. But does it actually make sense? The answer depends on which plan you are targeting, how much you expect to make on investments, your appetite
Garry Marr: Borrowing to fund your TFSA or RRSP is tempting — but is it worth the risk? Read More »
Deciding how to divide your savings between a registered retirement savings plan (RRSP)and tax-free savings account (TFSA) to maximize the tax benefits can be challenging. But there are some mistakes that can really cost you, especially if you run afoul of the Canada Revenue Agency (CRA). With just a month to go until the March
Avoid these TFSA and RRSP mistakes to keep the CRA off your back Read More »
I like many things that are automatic : automatic transmissions, automatic doors, automatic bill payments, automatic software updates. In each case, the automatic feature makes my life easier by handling routine functions or frictions that I’d otherwise have to spend time on or endure. Automation is often a clear improvement when things work as intended.
The mid-January blues are here … do you have them yet? If it helps to pull you out of them, here’s a gentle reminder that you have roughly 3.5 months to file your 2025 personal tax return. Awesome, eh? You can start getting all your receipts and information together in a safe spot and get
With registered retirement savings plan (RRSP) season now in full swing, here are five ideas that can help you take full advantage of this tax-saving vehicle. Contributions in-kind If you don’t have the cash available to make an RRSP contribution by the March 2 deadline to claim the deduction on your 2025 tax return, you
5 ways to unlock RRSP tax savings Read More »
One of my sons got into trouble at his elementary school about 15 years ago. His crime? He didn’t like a particular teacher, so with the encouragement of some friends, he started a petition to have the teacher fired. By the time the teacher and principal became aware of his initiative, it had pretty good