Wildfires: Apply for Taxpayer Relief Provisions

It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.

The second quarterly instalment for 2014 will be due on June 15. It’s important to minimize that payment and keep your clients’ money invested.

In Ullah v. The Queen, (2013) TCC 387, the Honourable Mr. Justice Paris had to decide whether the appellant was entitled to the wholly dependent person credit (the amount for an eligible dependant) for her 2006-2009 taxation years.

What is wealth? Many people don’t think that "wealthy" describes them or their lifestyle, but to the outside world they may seem quite affluent. Wealth really is more about a state of mind than an actual number.

Doug Nelson, author of Master Your Retirement, concludes his Art and Science of Retirement Planning series with a look at some ideas on how to navigate the five stages of retirement.

Rental income is virtually treated the same in both countries in terms of what is taxable as income and what is deductible as an expense; however a difference arises in respect of depreciation.

Knowledge Bureau is a private, designated educational institute and our tuition fees qualify for the Tuition Fee Tax Credit if over $100.