Tax tips | Grant Thornton insights

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Are you a RRIF holder? Consider the new minimum withdrawal amounts

Each year, Registered Retirement Income Fund (RRIF) holders must withdraw a required minimum amount, which is then taxed as income in the year of withdrawal. [November 18, 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...

Are you a US citizen resident in Canada? If so, you likely have US filing requirements

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 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. [August 8, 2012] More...

Are you a “US person” residing in Canada? Make sure your US filing obligations are up-to-date!

The United States taxes its citizens, residents and green-card holders (collectively, US persons) on their worldwide income, regardless of whether they live in the United States. As a result, if you’re a US person living in Canada, you’re generally required to file both a Canadian and a US income tax return. [July 20, 2015] More...

Back to school? Remember to claim your tuition, education and textbook credits

Tuition fees for students enrolled on a full or part-time basis in Canada—and, in certain instances, outside Canada—are eligible for a non-refundable tax credit, provided fees total more than $100 per establishment. Generally, a course qualifies if it is taken at the post-secondary level. [September 7, 2012] 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...

Childcare expenses—don't forget summer camp expenses

The Child Care Expense Deduction (CCED) allows childcare expenses to be deducted from income when those expenses are incurred to allow a supporting parent to earn employment or business income. [June 4, 2015] More...

Donations to municipalities—the rules are changing

Municipalities have the status of a qualified donee and can, therefore, issue charitable donation receipts. But municipalities do not have the same responsibilities in connection with the issue of donation receipts that registered charities currently have. However, this will change very soon. [August 29, 2011] More...

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...