If you work for a large company, chances are Employee Stock Option benefits (ESOPs) have been replaced with Restricted Stock Units (RSUs). There are significant differences between tax treatment of ESOPs and RSUs. In this post, we will look at how RSUs are taxed for Canadian residents. Restricted Stock Units are simply a promise to [...]
As I am preparing my income taxes, I am reminded yet again of the trap that the Canada Revenue Agency has set for taxpayers in the T1 General form with this innocuous question: “Did you own or hold foreign property at any time in 2011 with a total cost of more than CAN$100,000? (See “Foreign [...]
Canadians who file their taxes with TurboTax are often confused by the different product choices available. Intuit, the maker of TurboTax, sells the product in five different flavours: Basic, which retails for $19.99, Standard, which sells for $39.99, Premier ($69.99), Home & Business ($99.99) and TurboTax 20 ($129.99). Intuit’s website comparing the features available in [...]
Intuit has just launched a new tax filing product in Canada that literally makes filing taxes a snap. If you have an iPhone and a very simple tax situation (just T4 slips), you can download an app from Apple’s iTunes store that will allow you to take a photo of a T4 slip with iPhone’s [...]
If you are an Ontario resident and have enrolled your kids in music or dance lessons, you might want to take advantage of the Ontario Children’s Activity Tax Credit (CATC) when preparing your income taxes. The CATC, which was introduced late last year, allows parents to claim up to $500 of eligible expenses per child. [...]
Mark Goodfield, the accountant behind The Blunt Bean Blog concludes the series on transferring the family cottage by outlining some ways to reduce the tax hit. Thank you for the excellent series, Mark. I sure learned a lot. In today’s final blog in my three part series (Part 1 of the series is available here [...]
In today’s post Mark Goodfield, a professional accountant and the writer behind the excellent Blunt Bean Blog, continues the series on estate planning issues surrounding the family cottage. Click here for Part 1 of the series. In my first blog in this three part series on transferring the family cottage, I discussed the fact you [...]
Today’s guest post is Part 1 of a 3-part series on estate planning issues surrounding the family cottage, courtesy of Mark Goodfield, a professional accountant who writes the The Blunt Bean Counter Blog. Mark covers accounting, tax and wealth management issues on his blog and if you haven’t checked out his site, please do so. [...]
In an article titled Taxing Families: Does the System Need an Overhaul? that appeared in a publication put out by the Institute of Marriage and Family Canada, Prof. Jack Mintz of the University of Calgary argues that our current tax system is unfair to families with one working parent. Prof. Mintz addresses the criticism that [...]
The Family Tax Cut that the Conservatives say makes “the tax system fairer” disproportionately benefits one-income families with very high household incomes. I ran some numbers using the excellent Income Tax Estimator available here to find out how much benefit accrues to a one-income household with two children at various income levels. If you look [...]
