taxes

A person looks at a Canada Revenue Agency homepage in Montreal, Sunday, August 16, 2020. The Canada Revenue Agency says some taxpayers were locked out of their online accounts even though it wasn’t the victim of a cyberattack. THE CANADIAN PRESS/Graham Hughes

CRA locks some online taxpayer accounts that may have been accessed by outsiders

CRA notified taxpayers Tuesday that their email address had been removed from their account

A person looks at a Canada Revenue Agency homepage in Montreal, Sunday, August 16, 2020. The Canada Revenue Agency says some taxpayers were locked out of their online accounts even though it wasn’t the victim of a cyberattack. THE CANADIAN PRESS/Graham Hughes
For those who buy or build a home, live in it, sell shortly afterward, and repeat this process regularly, CRA may determine that their “owned” home is actually not capital property but rather “inventory” for resale and as such the capital gains exemption is not allowed.

Tax Tips & Pits: Principal Residence Exemption

Likely the biggest investment most Canadians have is their home.

  • Feb 18, 2021
For those who buy or build a home, live in it, sell shortly afterward, and repeat this process regularly, CRA may determine that their “owned” home is actually not capital property but rather “inventory” for resale and as such the capital gains exemption is not allowed.
In recognition of the need for employees to work from home in 2020, Canada Revenue Agency is offering the home office expense claim for 2020 tax reporting.

Tax Tips & Pits: Home office expense, COVID-style

There are three options to make the claim.

  • Feb 12, 2021
In recognition of the need for employees to work from home in 2020, Canada Revenue Agency is offering the home office expense claim for 2020 tax reporting.
This Aug. 13, 2020 photo shows a logo for Netflix on a remote control in Portland, Ore. Netflix Inc. THE CANADIAN PRESS/AP/Jenny Kane

PBO says taxing services like Netflix could yield feds $1.3 billion

The report goes on to say that consumers may change their habits if they start facing higher costs

This Aug. 13, 2020 photo shows a logo for Netflix on a remote control in Portland, Ore. Netflix Inc. THE CANADIAN PRESS/AP/Jenny Kane
Interest that qualifies as a tax deductable expense is classified as a carrying cost by CRA and is claimed on schedule T1-INV on your tax return.

Tax Tips & Pits: Investment interest as a personal tax expense

RRSP investment deadline approaching given the looming tax season

  • Feb 4, 2021
Interest that qualifies as a tax deductable expense is classified as a carrying cost by CRA and is claimed on schedule T1-INV on your tax return.
The Canada Revenue Agency (CRA) headquarters Connaught Building is pictured in Ottawa on Monday, Aug. 17, 2020. nbsp; THE CANADIAN PRESS/Sean Kilpatrick

Taxpayers’ watchdog sees complaints spike, raising worries about pandemic tax season

Just a few weeks ago, the CRA sent out letters to 441,000 people questioning their eligibility for the CERB

The Canada Revenue Agency (CRA) headquarters Connaught Building is pictured in Ottawa on Monday, Aug. 17, 2020. nbsp; THE CANADIAN PRESS/Sean Kilpatrick
Ron Clarke has his MBA and is owner of JBS Business Services in Trail, providing accounting and tax services.

COVID-19: How do you spell retirement?

Here’s a resolution some business owners may have made a few weeks ago, “I aspire to retire.”

  • Jan 21, 2021
Ron Clarke has his MBA and is owner of JBS Business Services in Trail, providing accounting and tax services.
The landing page for the Canada Emergency Response Benefit is seen in Toronto, Monday, Aug. 10, 2020. THE CANADIAN PRESS/Giordano Ciampini

CERB recipients should be prepared to pay income tax on payments, experts say

The amount you received is considered taxable income, but Ottawa did not deduct any tax

The landing page for the Canada Emergency Response Benefit is seen in Toronto, Monday, Aug. 10, 2020. THE CANADIAN PRESS/Giordano Ciampini
Minister of Seniors Deb Schulte speaks during a press conference on Parliament Hill during the COVID-19 pandemic in Ottawa, Thursday, June 4, 2020. The federal government says tens of thousands of seniors are at risk of losing benefits because they haven’t yet filed their taxes. THE CANADIAN PRESS/Sean Kilpatrick

Federal Liberals make plea for seniors to file taxes as thousands at risk of losing benefits

Seniors Minister Deb Schulte says Service Canada has sent reminders to the 63,000 to file their returns

Minister of Seniors Deb Schulte speaks during a press conference on Parliament Hill during the COVID-19 pandemic in Ottawa, Thursday, June 4, 2020. The federal government says tens of thousands of seniors are at risk of losing benefits because they haven’t yet filed their taxes. THE CANADIAN PRESS/Sean Kilpatrick
The average Canadian family spent more than 42 per cent of its income on taxes in 2019—more than housing, food and clothing costs combined in 2019. (Photo by Jerin John on Unsplash)

Canadian families spent 42% of annual income on taxes last year

This is a dramatic shift from 1961 when Canadian families spent 33 % of their income on taxes

  • Sep 3, 2020
The average Canadian family spent more than 42 per cent of its income on taxes in 2019—more than housing, food and clothing costs combined in 2019. (Photo by Jerin John on Unsplash)
COVID-19: Business Check-In

COVID-19: Business Check-In

The application process for certain programs has not been smooth.

  • May 28, 2020
COVID-19: Business Check-In
The business of COVID-19: Tax Check-In

The business of COVID-19: Tax Check-In

June 1 deadline for submitting tax returns is looming

  • May 22, 2020
The business of COVID-19: Tax Check-In
COVID-19 Business Support: Wage subsidy system underway

COVID-19 Business Support: Wage subsidy system underway

“Questions from businesses continue, but now the answers are more concrete … “

  • Apr 30, 2020
COVID-19 Business Support: Wage subsidy system underway
COVID-19: Gov’t filings, payments and timing

COVID-19: Gov’t filings, payments and timing

With April 30 looming, it’s important to know that Canada’s regular due…

  • Apr 23, 2020
COVID-19: Gov’t filings, payments and timing
Ron Clarke is a Trail Times columnist.

COVID-19: The Spread of Scams

At the best of times, scams seeking your personal information and cash, run rampant.

  • Apr 16, 2020
Ron Clarke is a Trail Times columnist.
Updated: COVID-19 Business Support

Updated: COVID-19 Business Support

Wage Subsidy: A Dual System

  • Apr 6, 2020
Updated: COVID-19 Business Support
JBS is open for business, however measures are in place to prevent transmission of COVID-19. (JBS photo)

This tax season, challenge your knowledge on personal tax

Tax Quiz #6: U.S. income

  • Mar 25, 2020
JBS is open for business, however measures are in place to prevent transmission of COVID-19. (JBS photo)
(Unsplash photo)

Free tax clinics cancelled in Greater Trail

The volunteer-run program for low income earners is shutdown indefinitely

(Unsplash photo)
Trail Times file image

This tax season, let’s challenge your knowledge on personal tax

Tax Quiz #5: Charitable Giving

  • Mar 18, 2020
Trail Times file image
Trail Times file image

CRA: What’s new for this tax season?

There are earth shattering new items for tax prep 2019. Hold on tightly.

  • Mar 11, 2020
Trail Times file image