Selling on eBay Can Be Taxing

by Tax Guy March 30, 2011

If you sell stuff on eBay, Craigslist, Kijiji, or in yard sales the taxman may be calling on you. Income tax is not a concern for most Canadians selling unwanted items. However, income tax may apply based on the use of the property you are selling or how often you sell items. Knowing the tax [...]

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How Do You Know You Need It?

by Tax Guy March 29, 2011

My wife and I value our family time and have traditionally spent weekends (and the odd week) at her family’s cottage. However, in the last few years we have decided that we should make an effort to take vacations to different destinations. We feel that family vacations are an opportunity to spend time together and [...]

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Know Your ACB & Save Tax Dollars

by Tax Guy March 28, 2011

When you buy an investment or other taxable property, you may have a capital gain or loss when you eventually sell. The Gain or loss is the difference between what you received from the sale and what you paid for it. Knowing what is included in the cost, can help reduce your tax bill. Particularly [...]

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Weekly Reading: Blog Update

by Tax Guy March 25, 2011

Each week, I share articles and stories from other blogs and websites I’ve come across. The most popular articles and commenter’s are also be mentioned. I encourage you to take a look at these articles and visit their sites. If you have an idea for an article on CTR or would like me to cover [...]

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What is an Estate Freeze?

by Tax Guy March 24, 2011

An estate freeze is not a mid-winter funeral! If you have a business, the estate freeze is a way to fix the value of your business or investments and transfer future growth to your children and beneficiaries. The result is that you can split income by shifting capital gains and dividends to other family members [...]

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The 2011 Federal Budget Highlights

by Tax Guy March 22, 2011

The 2011 Federal budget does not contain any major changes. There are a few minor tax credit available, enhancements to GIS, and some tax loopholes have been closed. The most significant changes is the $600 per year enhancement to GIS for single seniors and $840 for couples. Following these highlights are links to budget information [...]

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Disappearing Tax Software Refund?

by Tax Guy March 22, 2011

If you’re married and started entering your income into tax software such as TurboTax, you might have noticed that your refund starts rather large and then suddenly drops when you enter your spouses’ income into the software. This is a question I have been receiving regularly from visitors to CTR. If this happens to you, [...]

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Married & Filing Jointly In Canada

by Tax Guy March 21, 2011

The income tax system in Canada requires that every individual file their own income tax return and report only their own income. From time-to-time, I come across situations where a married couple has filed only one income tax return as a joint filing. This strategy is not something that is permitted under Canadian tax law [...]

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