Tax tips | Grant Thornton insights

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File your personal tax return on time, or penalties and interest may apply

The deadline for filing 2010 personal tax returns, and the payment of 2010 taxes is extended until Monday May 2, 2011 because April 30 falls on a Saturday. [April 18, 2011] More...

Finance extends deadline for changes to corporate class funds

Measures introduced in the 2016 federal budget proposed that exchanging units of one corporate class fund for another would no longer be tax deferred, starting October 1, 2016. [September 15, 2016] More...

Foreign reporting requirements—updated form T1135

Our April 2013 tax tip noted that if the total cost of certain foreign property that you own exceeds C$100,000 at any time in the year, you have to report information about those properties on Form T1135, “Foreign Income Verification Statement.” Failure to report such foreign properties on Form T1135 may result in significant penalties. [March 11, 2014] More...

Important changes to the principal residence rules

On October 3, 2016, the Department of Finance released a Notice of Ways and Means Motion proposing changes to the principal residence rules. [January 17, 2017] More...

Income splitting loans

Income splitting loans provide an excellent way to reduce a couple’s overall income tax liability. They are effective where one spouse is in a high tax bracket and the other spouse has either no sources of taxable income or is in a low tax bracket, as the plan involves transferring taxable investment income from the high tax bracket spouse to the other. [August 14, 2013] More...

Is your corporation a personal service business?

If you incorporate your business but could reasonably be regarded as an employee or officer of the person or partnership to whom you are providing the services, (but for the existence of your corporation), you risk being characterized as a personal services business (PSB). [August 28, 2015] More...

Medical expenses—don't forget to claim expenses for dependants including adult children

You may claim a credit for medical expenses that you paid for yourself, spouse, common-law partner and minor children. [February 28, 2011] More...

Pay your expenses in 2012 to claim your deductions and credits

The end of the calendar year is less than three months away, so now is the time to begin your year-end tax planning! [October 16, 2012] More...

Pension income splitting

Did you know that if you receive pension income that qualifies for the pension income tax credit, you may be able to allocate up to half of that income to your spouse or common-law partner (and vice versa)? [March 19, 2013] More...

RESPs—Contribute and obtain government grants

A Registered Education Savings Plan (RESP) can be established with one or more individuals set up as beneficiaries under the plan. Although the individual subscriber cannot deduct contributions for tax purposes, any income earned within the plan is taxed in the hands of the beneficiaries, once distributions are made. There is no annual limit for contributions to RESPs but there is a lifetime limit of $50,000 for each beneficiary. [November 9, 2011] More...