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Six Deduction the Taxman Doesn't Want You To Have

TaxmanIt’s interesting how what is not ok with family and social development, is perfectly fine with the law.

For example, it’s perfectly legal for a sibling to pay their brother or sister to do their chores. But I believe most parents would veto this idea, because although ok by law, it’s the principle that counts.

Inheritance and Taxes

By: Michael L. Williamson, Tax and Accounting Specialist

Lately, I have been posed with this question: do I have to pay taxes on the property that I inherit from my relative? Let’s take a look at this important question.

Is there an Inheritance Tax in Canada?

Canada does not have an estate inheritance or a death tax. In general, there are no taxes levied by CRA on the beneficiaries; without being brazen, when a person dies they leave the Canadian tax system. On death they are subjected to tax for the very last time and the estate pays any tax that is owed to the government.

5 ways to reduce Your Tax Burden

Investments images 2We can tell by the drop in temperature that the end of year is near; it’s a perfect time to consider ways to improve your tax position for the current year.  Of course you will ensure you claim every tax credit available, such as your basic personal, spousal amount, child amount, tuition and textbooks; donations, etc. In addition, there is no better time than now to take the final steps to reduce your taxes even further for 2015 and set yourself up for success in 2016.

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