by James PendergastWhat is Considered Passive Income in Canada
Passive income is income that is derived from the ownership of capital property or assets that generate income without excessive effort on the part of...
by James PendergastClaiming Capital Cost Allowance on a Rental Property
Capital Cost Allowance is a deductible expense (taken off your taxable income) for the depreciation (wear and tear) of something. More specifically, ...
by James PendergastTaxes and the Gig Economy in Canada
What is the Gig Economy? The gig economy is defined as one in which temporary, flexible jobs are much more common and companies lean more towards hiri...
by James PendergastSchedule 7: RRSPs in Canada
Schedule 7 is a form that is attached to your Income Tax Return and it calculates your Registered Retirement Savings Plan (RRSP) deduction. The RRSP d...
by James PendergastWhat is HST in Canada?
The harmonized sales tax (“HST”) is a consumption tax in Canada and it combines the goods and services tax (“GST”) and provincial sale...
by James PendergastWhat is the Maximum CPP Benefit for 2018?
The Canada Pension Plan (“CPP”) are government payments representing a replacement of income where disability, retirement, or death are involved. ...
by James PendergastWhat is the Marginal Tax Rate?
The marginal tax rate is the percentage of tax you will pay, which is based on the amount of income you earn. The more money you make, the more tax y...
by James PendergastWhat Kind of Medical Expenses are Tax Deductible in Canada?
While health care in Canada is publicly funded, there are various out-of-pocket medical expenses that taxpayers incur on a daily basis. Examples inclu...
by James PendergastWhat is the CRA Reassessment Period?
The CRA Reassessment Period is the amount of time the Canada Revenue Agency is allowed to adjust a personal, corporate, GST/HST, or payroll return. Ea...
by James Pendergast