How Does the CRA Obtain Information when Auditing?
The average taxpayer is unaware of how the Canada Revenue Agency (“CRA”) may obtain information from them. This blog post will provide an overview on how...
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What is Specified Foreign Property?
Specified Foreign Property are assets held outside of Canada. The threshold for reporting to the CRA on a T1135 form is if the property that you have held...
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Who Can be Claimed as a Dependent?
Eligible dependents are normally your closest relatives. As much as we love to care for our loved ones, it can be expensive, so it’s nice to know that there...
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How to Survive an Audit
The thought of being audited is dreaded by most taxpayers. This fear stems from being unprepared. Often, tax returns are mismanaged, receipts are lost, and...
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What is a T2125 Statement of Business or Professional Activities?
A T2125 form is a schedule that goes along with a tax return, and it lists income, and expenses where taxpayers operate certain types of businesses. The...
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Are Maternity Leave Payments Taxable?
Maternity and Parental benefits are a form of Employment Insurance (EI) which provide financial assistance to people who are away from work because they are...
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Canada Tax Return Deadlines for 2019
In Canada, personal tax returns for employees must be filed on or before April 30. Business tax returns must be filed on or before June 15 if a taxpayer,...
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What is a T1135 Tax Form: Foreign Income Verification
A T1135 Tax Form: Foreign Income Verification Statement reports all required foreign property owned by a Canadian resident taxpayer. If a taxpayer in Canada...
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