Debi Peverill

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33 selected videos

Minimum Tax

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Bet you don't know that Canada has a minimum tax. The basic calculation is that if you use tax shelters such as flow through shares, exploration and development expenses or the capital gain exemption to reduce the tax on your gross income below a certain threshold then "minimum" tax applies. This is a kind of tax that you only run into when you sell the shares of your business and use the capital gain exemption. This tax is called minimum tax...

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Related topics : capital gains tax exemption canada / capital gains tax canada calculator / income tax refund calculator / sales and use tax exemption / sales tax calculator

Tomorrow Would Have been IT for tax filing except for Heartbleed

Your personal income tax is normally due tomorrow - April 30 - unless you are reporting self-employment income on your personal tax return. However CRA shut down their website for a few days earlier this month due to a vulnerability you have no doubt heard about known as Heartbleed, so they extended the filing deadline to May 5. (Geek alert - the Heartbleed problem was an untested variable in the open SSL library and affected many websites). If you do not show any self-employment income on...

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Related topics : late income tax return filing penalty

Self-Employment Tax Return Deadline

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Deadline for filing your personal income tax return if you report self-employment income on your personal return is June 15 2014 for the 2013 taxation year. Of course since that falls on a Sunday you have until June 16. What do I always say about filing returns on time? There is no reason to miss a filing deadline. This deadline is a little weird in that you have until the 16th to file but if you owed money CRA started charging you interest on May 6...

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The Tax Return Deadline is Approaching!

MAY 5TH is the NEW deadline for individual taxpayers to file their tax returns. See the link below to see why 'human error' has given Canadians more time to file.

http://www.cbc.ca/news/politics/canada-revenue-agency-error-gives-5-more-days-to-file-taxes-1.3051754

If you have self-employment income, you have until June 15 to file. You do not however have any longer to pay your taxes. You will be charged interest from May 1 on any amount that you owe to the government. Whether you are...

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Related topics : self employed tax return

Personal Income Tax Return Deadline- File on Time!

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Your personal income tax return for the 2016 calendar year is due on May 1, 2017. It is wise to file on time. I have had people over the years tell me that they do not owe any money so there is no reason for them to file. First of all, you could be wrong about owing money. Perhaps you have forgotten about something. I have had clients who did not owe any money until their T4 was revised – and then they owed money. A T4 or T5 slip can be revised...

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Do you file a T2?

Is your organization a not for profit? Do you avoid income tax because the group is incorporated under a Society Act?

One of the issues for this type of organization is whether you should be filing a corporate income tax return.

Many organizations have skipped the filing of a T2 corporate income tax return because there is no tax owing. CRA is very active in this area. CRA has a good system in place whereby you won't get an HST refund unless you have been filing a corporate...

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Related topics : file income tax return / income tax filing / past year tax filing / income tax activity / tax income act

Today your income tax return would be due...

If you lived in the United States you would be filing your tax return today or earlier. The US has an April 15 deadline, Canada allows an extra two weeks. This is likely a good thing, we have so much US media that many people feel that their Canadian return is due today. If you mainly listen to US content you might be feeling a sense of relief that today is NOT the day. So all you procrastinators out there still have two weeks to file your Canadian income tax returns. Don't wait until the last...

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Related topics : filing income tax return in canada

Tax Checklists - What do you need to file your tax return in Canada?

See 2018 Checklists Here: http://www.painlessfinancialtraininggroup.ca/tax-returns.html

People ask me all the time – what do I need to get together to get my tax return done? The short answer is, that you need to have the information about the amount of every source of income you have earned and proof about every deduction that you can claim. You need all the T slips – T4 for employment, T5 for dividends and T3 for trust income. Self-employed people need to do an income statement to figure...

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Related topics : filing income tax return in canada

Principal Residence

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Every family is entitled to one principal residence. The principal residence is a special rule which allows Canadians to avoid tax on any capital gain on the sale of their house. There are forms which should be prepared when a principal residence is sold. There is no tax implications if you have lived in the home and did not rent it out, or own other homes at the same time. Due to some perceived abuses of this rule, it is possible that CRA will...

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Related topics : capital gains tax house sale / capital gains tax allowance

Tax installments may be due on December 15

Do you have to make personal income tax installments? Typically CRA sends you a remittance form if they want you to send them money. They will ask you to send the personal tax amount that you owed when you filed your 2012 personal tax return. The criteria is - if you owe CRA $3000 or more for two tax years in a row, CRA will ask for their tax money up front. This means paying 2013 taxes before you file your 2013 tax return.

Of course when CRA asks for money you might as well send it to...

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Related topics : file income tax return / 2013 tax estimator / filing income tax / estimate taxes owed / how much tax should i pay