Canadian Personal Tax
for filing personal tax returns in Canada
Tax Rates - current and
taxes payable for all provinces/territories for employment income and
investment income (dividends vs interest) Tax Comparisons
Filing Your Return - includes detailed
information about many tax credits
US Citizens Residing in Canada
Citizens Outside the United States on USTaxTips.net for information on
filing requirements for US citizens residing in Canada, including Foreign
Account Tax Compliance Act (FATCA) requirements, and Offshore Voluntary
Disclosure Program (OVDP). Major changes were announced to the OVDP
on June 18, 2014.
Personal Income Tax Articles
How is income tax calculated
Who has to pay tax
in Canada, and on what income?
Barter transactions can result in
taxable income and deductible expenses.
Selling goods on eBay may
result in taxable income.
Why should I file
if I don't have income or have to pay tax?
splitting - Make sure both spouses will have the same annual income
when they retire. Tax planning - plan ahead!
inheritances - are they taxable?
- Claim them Medical
expenses on the tax return of the spouse with the lowest
shelter donation arrangements, and gifts of property.
US estate tax may be payable
by Canadian residents.
US taxes withheld from
gambling or lottery winnings of Canadian residents.
Students - Scholarships and awards,
tax credits, moving expenses, private school, etc.
Free taxation videos,
seminars and other events.
loans and loan subsidies may result in a taxable benefit to the
insurance - Pay your own premiums! EI tax slips are available online
Employee vs self-employed
Employment expenses - what can
Multiple jobs: I worked 3 different jobs at the same time last year - why
do I owe so much income tax?
Part time work and tax deductions - I worked
only 3 months this year - why did I pay so much income tax?
Severance and retiring allowance - defer
Take-home pay calculators
motor vehicle allowances
TD1 forms: Make sure yours are
up-to-date, TD1X forms for commission employees
Employee and partner GST
rebate for those who have deductible employment or
of foreign firms - what tax must be withheld by your employer?
workers in Canada - employees, service providers, actors
of books and records by an individual (including tax returns)
slips - when are they required?
Investing Tax Topics
gains and losses
deferral for distributions. Interest expense on money borrowed to
purchase stocks and bonds (securities) - can I write it off?
expense paid to a non-resident
income tax rates - Try to earn your investment income
(outside of RRSPs) at the lowest
tax rate possible.
losses - Make use of them. Tax issues re investments,
and tax treatment of different types of investments
to your RRSP, but not at a loss!
investment schemes - warning from CRA
Rental, Real Estate
What expenses can be deducted
from property rental income?
Change in use - What happens if I move into my rental
property, or start renting out my home? Real estate
sales - are they taxable? What about my principal residence? Tax
implications of owning a cottage or second home Can I write off interest expense on money borrowed to
purchase real estate? Interest
expense paid to a non-resident
Revised: December 10, 2014