Tax tips | Grant Thornton insights

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Enhanced Universal Child Care Benefit (UCCB)

Under proposed legislation, the government is increasing and expanding the UCCB starting in January of this year. Subject to the legislation receiving Royal Assent, the first enhanced payment is expected to be issued in July 2015 and will include any retroactive payments for the period January 2015 to June 2015. [April 27, 2015] More...

Family Tax Cut is now available!

Beginning with the 2014 tax year, the government is permitting notional income splitting for couples that have children under the age of 18. The higher-income earning spouse or common-law partner can notionally transfer up to $50,000 of income to the lower- income earning spouse or common-law partner each year. [March 17, 2015] More...

Are you a US citizen living in Canada but not up to date with US tax filings? Consider a voluntary disclosure program

The United States taxes its citizens and green-card holders on their worldwide income, regardless of whether they live in the US or not. This is because US tax liability and filing obligations are generally based on citizenship, not residency. As a result, if you’re a US citizen who is a resident in Canada, you’re required to file both a Canadian and a US income tax return (certain exceptions may apply), even if you owe no US tax. [June 27, 2014] More...

Tax filing season—a few last minute tips

It is personal income tax filing season once again. The following are a few last-minute tips to help you minimize your tax burden. [April 14, 2014] 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...

Year-end tax planning—part II

With the end of the calendar year approaching, now is the time to consider your various year-end tax planning options! [December 9, 2013] More...

Year-end tax planning—part I

The end of the calendar year is only a few weeks away so now is the time to consider your various year-end tax planning options! This month, we’ll look at two upcoming tax changes for 2014: (1) A change in the amount of the lifetime limit for the capital gains exemption; and (2) an increase in the tax rate on ordinary, or non-eligible dividend income received. Next month’s tax tip will focus on a number of general year-end tax planning tips. [November 20, 2013] More...

Turning 65? Consider deferring your OAS benefits

Beginning July 2013, you can delay receipt of your Old Age Security (OAS) pension benefits for up to five years (60 months) after the month you turn age 65. [October 23, 2013] More...

Behind in your tax filings? Consider the Voluntary Disclosure Program

If you are at least one year late in filing your income tax return, or an information return, or if you have made your filings but they were not complete or accurate, you may be eligible to participate in the Voluntary Disclosure Program (VDP). [September 19, 2013] 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...