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Tax Updates

It’s tax time – should you DIY or go to an accountant?
Global News
It’s that time of year when Canadians start gathering their receipts and slips in order to file their 2014 tax returns. But should you file your taxes on your own, or go to a professional? We asked financial experts when they think you should DIY and when to seek professional help. Everyone is different and there is no universal answer, but to get an idea of what path you should take, start by asking yourself these questions…

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Tax Tips for Canadians over 50
Pembina Valley Online
Income split and save: Seniors are allowed to split up to half of their eligible pension income with a spouse or common-law partner. Income splitting allows some seniors to enjoy a significant tax reduction. In the situation where the lower-income spouse has very little income, the tax savings are substantial. Get your benefits: Any senior receiving Guaranteed Income Supplement (GIS) through Old Age Security should file on time to ensure their benefits continue uninterrupted…

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Your tax bill could change in 2019. Here’s what to expect
CBC
A whole host of federal tax changes come into effect in the new year. Some will hit your paycheque, others your bills — and if you’re a small business owner, there are a couple of changes coming for which you’ve likely been preparing for months. Starting in January, Canadians’ Canada Pension Plan contributions increase from 4.95 per cent to 5.1 per cent on earnings between $3,500 and $57,400. It’s the first of five years of graduated increases running until 2023, when the rate will reach 5.95 per cent…

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What Expenses Can Freelancers And Independent Contractors Deduct In Canada
Connect CPA
As a freelancer and independent contractor you are eligible to deduct business expenses against your income. This is a good thing. Actually, it’s a great thing. You see, your taxes are based on your net income. By tracking your business expenses throughout the year, you are able to apply those business expenses against your income and reduce it, thereby by reducing your income taxes…

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