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Author Archives: Tax Partners

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Principal Residence Exemption from Canadian Capital Gains Tax

A taxpayer who sells his or her “principle residence”, which is defined in the ITA, becomes liable for paying tax on the capital gains. However, the Income Tax Act (“ITA”) allows the taxpayer to claim an exemption, thereby avoiding the payment of tax on the sale of the “principle residence”. “Principle residence” generally includes: A […]

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When to Incorporate Your Business

Guidance from Tax Partners Accountants: a York Region accounting firm specializing in privately-held and owner-managed businesses. There is one question that is often top of mind when we speak with entrepreneurs who come to Tax Partners for business advisory. That question is: “Should I incorporate my business?” If you are a small business owner confronted with […]

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Save Tax with the GST/HST Quick Method

If applied in the appropriate situation, the GST/HST quick method can save business owners both tax and time. Typically, businesses can use the quick method if taxable sales (including the GST/HST and zero-rated supplies) for the business and their associates do not exceed $400,000 for the fiscal year. When using the quick method, instead of […]

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Tax Deductions for Performing Artists

If you are a performing artist such as an actor or a musician, the Canada Revenue Agency has special rules that pertain to you.  This article covers all the details and specifies the tax write-offs or expenses(Tax Deductions) that you may be able to deduct from your income.  Now that we’ve set the stage, read on… […]

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Tax Solutions

Tax Problem Solutions More often than not, complex tax problems are unanticipated; not to mention, they are almost always without clarification or simple answers. The support of a competent tax professional can help you with feasible tax solutions, which could be your first step towards the best possible outcome. If you are seeking feasible, practical […]

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Tax Problems

Are You Facing One of The Following Tax Problems? Tax Audit Tax Arrears Problems Unreported Income Back Tax Demand to File Overdue Tax Debts CRA Tax Relief Late Tax Payroll Tax Arrears Unfair Income Garnishment Tax Reassessment Canadian Tax Relief CRA (Canada Revenue Agency) Taxpayer Relief Voluntary Disclosure Program or VDP Tax Amnesty or Tax […]

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Tax Representation-UPDATE

Professional tax representation is the best tool to combat CRA Agents The Canada Revenue Agency’s (short for CRA) agents can sometimes be very demanding and intimidating, especially while dealing directly with the tax payers. In fact, it would not be an exaggeration to say that they are the reason behind the sleepless nights of many […]

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Are you self-employed? Know your tax obligations

As a self-employed person , you and your spouse or common-law partner have until midnight on Thursday, June 15, 2017, to file your 2016 income tax and benefit returns. The legislated date for paying an income tax balance(tax obligations) owing is April 30. Since that date is a Sunday in 2017, the Canada Revenue Agency […]

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What to do after you’ve submitted your tax return

Most Canadian income tax and benefit returns for 2016 are due on April 30, 2017. However, as this date is a Sunday, the Canada Revenue Agency (CRA) will consider your tax return as filed on time and your payment to be made on time if it receives your submission by midnight on May 1, 2017, […]