Home -> Personal Income TaxDue dates
for filing personal tax returns in Canada
COVID-19
Benefits - T4A Tax Slip Errors
- current and
prior years tax brackets and combined federal/provincial marginal tax
rates for eligible and non-eligible Canadian dividends, capital gains and
other income.
- includes detailed
information about income, deductions, and many tax credits
- 10 minute rapid-fire discussion videos from the Video Tax News Team,
for Canadian Tax and Financial Professionals.
Life in the Tax Lane videos from previous years:
2022 Life in the
Tax Lane
2021 Life in the
Tax Lane
2020 Life in the Tax Lane
2019 Life in the Tax
Lane
2018
Life in the Tax Lane
2017
Life in the Tax Lane
2015
& 2016 Life in the Tax Lane
- of
taxes payable for all provinces/territories for employment income and
investment income (dividends vs interest)
Dividend Tax Credits
- for both eligible and non-eligible dividends - see US
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). The OVDP is closing, and the deadline for
submissions is September 28, 2018.
Personal Income Tax Articles How is income tax calculated
in Canada?
Who has to pay tax
in Canada, and on what income?
Barter and BitCoin
/ cryptocurrency 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?
Income
splitting - Make sure both spouses will have the same annual income
when they retire.
Tax planning - plan ahead!
Leaving Canada
Gifts and
inheritances - are they taxable?
Medical
expenses - Claim them on the tax return of the spouse with the lowest
income (usually).
Shareholder loans and their tax
implications
Tax
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
Taxpayer Rights / Taxpayers'
Ombudsperson
Disability
insurance - Pay your own premiums! Also if you're
self-employed!
EI tax slips are available online
Employee vs self-employed
independent contractor
Employment expenses - what can
be deducted?
- Includes working from home expenses.
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
tax
Take-home pay calculators
TD1 forms: Make sure yours are
up-to-date , TD1X forms for commission employees
Employee and partner GST/HST
rebate for those who have deductible employment or
partnership expenses
Employees
of foreign firms - what tax must be withheld by your employer?
Non-resident
workers in Canada - employees, service providers, actors
Retention
of books and records by an individual (including tax returns)
T4
slips - when are they required?
Employee
Loans and Loan Subsidies may result in a taxable benefit to the
employee
Employee Parking -
new/updated CRA administrative policies announced in late 2022
Employer
Provided
Social Events - Taxable Benefit To Employees (sometimes) - new/updated CRA
administrative policies announced in late 2022
Gifts
From an Employer May Be a Taxable Benefit - new/updated CRA
administrative policies announced in late 2022
Tax-free
motor vehicle allowances
Tax-free,
Reduced Tax, and Taxable Employee Benefits
Attribution Rules re Gifts, Transfers, or Loans to a Spouse or a Related Minor Child
Capital
gains and losses
Foreign spin-offs
- Tax
deferral for distributions.
Interest expense on money borrowed to
purchase stocks and bonds (securities) - can I write it off?
Interest
expense paid to a non-resident
Investment
losses - Make use of them.
Superficial
losses and other disallowed losses
Tax issues re investments,
and tax treatment of different types of investments
Tax
rates on investment income - Try to earn your investment income
(outside of RRSPs) at the lowest
tax rate possible.
Transfer
capital losses to a spouse
Transfer shares
to your RRSP, but not at a loss!
Offshore
investment schemes - warning from CRA
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
Non-capital
loss
Revised: May 14, 2023
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