Contacting the CRA You should contact the government as soon as possible. This includes steps like cancelling a provincial health card, driver’s license, and applying for Canada Pension…
Read more Preparing taxes for someone who died – MoneySenseWhat is the Ontario Trillium Benefit? The OTB is the combined payment of three provincial benefits for Ontario residents. You need to be eligible for at least one…
Read more Ontario Trillium Benefit payment dates in 2026, and more about the OTB – MoneySenseConsider the following: The backdrop. Under the Income Tax Act, the normal reassessment period is three years from the date the notice of assessment or reassessment is mailed or…
Read more Late filers: Get your back taxes sorted before year-end – MoneySenseThe U.S. government is getting back up to speed after the longest government shutdown in history. Airports have resumed their full schedules, which is a relief to anyone…
Read more The IRS Is Facing a Huge Backlog After the Government Shutdown. What It Means for BusinessesThis form is typically used for foreign bank accounts, foreign investment accounts or foreign rental properties, but it can include other foreign assets. Foreign investments, including U.S. stocks,…
Read more How to report foreign income in Canada – MoneySenseAccording to the Canada Revenue Agency (CRA): “To make this election, attach a letter signed by you to your income tax and benefit return of the year in…
Read more Capital gains tax when renting out your former principal residence – MoneySenseBOSTON — Massachusetts lost more than $3.8 billion in state-adjusted gross income between 2021 and 2022 as residents fled to New Hampshire, Florida and other low-tax states, according…
Read more Report: Mass. taxpayer exodus continuesIt sounds like you sold or are planning to sell a property in the U.S., Bob. To cut to the chase, selling costs, like a realtor commission, would…
Read more When are costs for a U.S. property tax-deductible in Canada? – MoneySenseCan you transfer a RRIF to a TFSA? A RRIF is a tax-deferred account. A TFSA is a tax-free account. So, you cannot do a direct transfer between…
Read more Can you transfer a RRIF to a TFSA—and what are the tax implications? – MoneySenseAccording to the Canada Revenue Agency (CRA), two types of fees are eligible to deduct: “fees to manage or take care of your investments,” and “fees, other than…
Read more How to change a past tax return – MoneySenseIn the case of Mexico, Marianna, a taxpayer is considered a resident of Mexico if they have a permanent home available to them in Mexico. If they have…
Read more “Where do we pay income tax if we retire abroad?” – MoneySenseWhat is a bare trust? The Income Tax Act does not specifically define a bare trust, Chander. The Canada Revenue Agency (CRA) says: “A bare trust for income…
Read more What new bare trust tax filing rules mean for Canadians – MoneySenseIf you’re a California resident and haven’t done your federal tax return for 2023, you now have another, more user-friendly option online: the free Direct File service from…
Read more New IRS Direct File program now available in California17. 2011: Google released Google Wallet in the U.S., three years before Apple Pay even popped up on our iPhones. Over the next decade, Google tested many versions…
Read more Top financial innovations of the last 25 years – MoneySenseA tax deduction is often better than a tax credit because it reduces your taxable income. When you decrease your taxable income, you may save 15% to 54%…
Read more Work-from-home tax credit: What Canadians can claim for 2023 – MoneySenseWhen you give cash or assets to a family member to invest, there may be attribution of that income back to you. Attribution causes income to be taxed…
Read more Can you save on taxes by owning an investment account with your child? – MoneySenseIt’s back to regular IRS deadlines for California taxpayers this year, but with a new tool for many low- and moderate-income households: a service that will prepare and…
Read more New year, new way to file your tax return for free: The IRS launches Direct File pilot programShould Canadian non-residents keep their TFSAs? Tax-free savings accounts (TFSAs) can remain tax-free for a non-resident of Canada—at least from a Canadian perspective. If a foreign country taxes…
Read more Should Canadians keep their investment accounts when retiring abroad? – MoneySenseMaybe that money is already spoken for. Many Canadians are struggling financially right now, so a bonus or salary increase might simply help cover the rising cost of…
Read more How are bonuses taxed in Canada? – MoneySenseReturn to top. Prepping your taxes, including the 2022 tax brackets Even if someone else does your taxes, you still have some prep to do. You will have…
Read more 2022 Income Tax Guide for Canadians: Deadlines, tax tips and more – MoneySense
