Does helping my parents or children financially have tax implications? How much tax do I have to pay on gifts? HMRC taxes non-exempt gifts on a sliding scale, depending on how long you received them before the gift-giver’s death. This is called taper relief. The following table shows ...
The CRA doesn’t need some elaborate reason. Just tell them the truth. Maybe you were not in the right mental state or perhaps you had no idea how to do your taxes. Some people have paid accountants to do their taxes but they never actually filed the paperwork. The CRA has heard every...
Your best and safest bet is to use theCRA My Accountto confirm the payment. The CRA My Account is an excellent service for taxpaying Canadians to get information on their filed taxes, benefits, Notices Of Assessment (NOA), notices of reassessment, and many other services. All you have to ...
While you may not owe Canadian taxes on the investment gains made inside a TFSA or RRSP account, you definitely could owe taxes in your new country. Read my Canadian Expat eBook for more information on the different types of taxation in the world. How to Decide Which Country to Become an...
Here’s the method behind my madness: Once a month, I tear open the collected solicitations from charitable organizations that come in the mail. My mom was a Certified Public Accountant who wrote tax code. When paying her taxes, she took advantage of tax deductions for charitable contributions...
The problem for the Democrats is that in February the rate changes will significantly lower the withholding in most people’s paychecks and these people will see for themselves that their taxes will go down. At this time I expect this bill and the Republicans will get much more popular. ...