Every year more complexity is added to the Canadian tax system, making it difficult for taxpayers to keep up to date.
Understanding how to properly file your tax return and take advantage of deductions and credits can put more money back in your pocket, which can go a long way in achieving your financial goals. Your tax returns also entitle you to certain social benefits, and appreciating the various requirements can help you avoid costly mistakes.
Whether working with a tax professional or filing yourself, there's always something new to learn about taxes. To help you gain clarity for this tax season, we’re doing a deep dive into Canadian tax returns with our colleague, Hugh Campbell.
Keith and Hugh discuss why it’s essential to file your taxes accurately and on time, when spouses should file together, how requirements differ across provinces, the tax benefits of RRSPs and tax-free savings accounts, how to ensure you’re maximizing your allowable deductions, additional filing requirements for investors with foreign assets, and so much more!
Thank you for listening!
Key Topics:
- Hugh’s move from a neurobiology major to CPA (1:27)
- Early lessons from PricewaterhouseCoopers (2:42)
- The most rewarding aspects of working with individuals and small business owners (3:35)
- Consequences of not filing your tax returns on time (4:30)
- When and why families must file together (6:47)
- The types of information available through CRA downloads (10:13)
- Differences between preparing income tax returns in Quebec and other Canadian provinces (14:37)
- How an RSP works and its value from a tax perspective (17:10)
- Choosing between an RSP and a tax-free savings account (19:13)
- What to do with your tax refund (21:04)
- What you need to know about the new tax-free first home savings account (23:14)
- Key considerations around whether interest can be tax deductible (27:56)
- Criteria to qualify for home office deductions (30:54)
- Senior tax savings from income splitting (33:07)
- The most important credits for seniors (34:10)
- Tax implications of financial gifts to your adult children (36:39)
- How to treat foreign-source income on your Canadian tax return (40:04)
- When to file Form T1135 (41:00)
- Differences in tax consequences for cash and stock charitable contributions (47:46)
- Tax requirements when selling residential property (52:15)
- How to handle a notice of assessment (58:03)
- What happens if you don’t pay your tax bill in full (59:14)
- How long to keep your tax records (1:01:04)
- Hugh’s tips for making the tax filing process easier (1:03:27)
- Common tax reporting mistakes (1:04:13)
- Hugh’s perspective on the evolution of the Canadian tax system (1:05:57)
- And much more!
Mentioned in this Episode:
Thanks for Listening!
Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112
Follow Tulett, Matthews & Associates on...
