taxes

Ron Clarke is a Trail Times columnist.

Why should I file my income taxes on time?

In case you didn’t hear, there’s no extension this year …

  • Apr 21, 2021
Ron Clarke is a Trail Times columnist.
Ron Clarke is a Trail Times columnist.

Looking at capital gains and losses

Tax Tips and Pits is a weekly column from Trail business owner Ron Clarke

  • Apr 15, 2021
Ron Clarke is a Trail Times columnist.
Ron Clarke is a Trail Times columnist.

Renting not selling? Looking at principal residence designation

An application must be made within the year of moving out of your home.

  • Apr 8, 2021
Ron Clarke is a Trail Times columnist.
Josee Cabral is seen in her office in Chateauguay, Que. on Thursday, March 25, 2021. THE CANADIAN PRESS/Paul Chiasson

Watch the details to help avoid financial headaches when filing your tax return

Small, easily avoidable mistakes could end up costing you if you’re not careful

Josee Cabral is seen in her office in Chateauguay, Que. on Thursday, March 25, 2021. THE CANADIAN PRESS/Paul Chiasson
Ron Clarke is a Trail Times columnist.

Working and living abroad can be taxing

How about thinking beyond COVID-19?

Ron Clarke is a Trail Times columnist.
Ron Clarke is a Trail Times columnist.

Employment expenses as a tax deduction

Can you claim these as an expense against your T4 income?

  • Mar 25, 2021
Ron Clarke is a Trail Times columnist.
Ron Clarke is a Trail Times columnist.

Tax free income or not?

“Believe it or not, there are sources of income that escape the taxman.”

Ron Clarke is a Trail Times columnist.
Ron Clarke is a Trail Times columnist.

Did you say Tax Season, or Scam Season?

Tax season is a good time to talk about electronic security.

Ron Clarke is a Trail Times columnist.
The Canada Revenue Agency says some taxpayers who repaid COVID-19 related benefits in 2020 are getting incorrect tax slips. THE CANADIAN PRESS/Justin Tang

CRA says ‘rare’ error in some tax slips lists repaid CERB as taxable income

‘These repayments can be properly and easily credited to the correct account,’ assures CRA spokesperson

The Canada Revenue Agency says some taxpayers who repaid COVID-19 related benefits in 2020 are getting incorrect tax slips. THE CANADIAN PRESS/Justin Tang
The free income tax service for low income earners in Greater Trail will run from March 2 to April 30 with pandemic protocols in place. Photo: Scott Graham on Unsplash
The free income tax service for low income earners in Greater Trail will run from March 2 to April 30 with pandemic protocols in place. Photo: Scott Graham on Unsplash
The Canada Revenue Agency says there were 32 tax fraud convictions across the country between April 2019 and March 2020. (Pixabay)

Vancouver man sentenced to 29 months, fined $645K for tax evasion, forgery

Michael Sholz reportedly forged documents to support ineligible tax credits linked to homeownership

The Canada Revenue Agency says there were 32 tax fraud convictions across the country between April 2019 and March 2020. (Pixabay)
Ron Clarke is a Trail Times columnist.

Tax aids and benefits for persons with disabilities

For residents of Canada with disabilities there is a multitude of specific government benefits …

Ron Clarke is a Trail Times columnist.
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