Miscellaneous Tax Articles
Canadian Tax Change Highlights for 2023
Author: Brad Howland
First Posted: Feb. 1, 2024
Making payments to CRA, Advanced Canada Workers Benefit, Climate Action Incentive Payment rural supplement increase, increased deduction for eligible tools, COVID-19 benefit repayments, First Home Savings Account, Multigenerational Home Renovation Tax Credit, new property flipping rule.
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United States Tax Change Highlights for 2023
Author: Brad Howland
First Posted: Feb. 1, 2024
Due date of federal return extended if you live in Maine or Massachusetts, Form 1099-K $600 reporting threshold delayed, 2023 tax bracket inflation adjustments, new clean vehicle credit, IRS testing free Direct File program.
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Canadian Tax Change Highlights for 2022-2023
Author: Brad Howland
First Posted: Jan. 24, 2023
Filing due date extended, claiming deductions for COVID-19 repayments, new provincial credits for Ontario and Nova Scotia, First Home Savings Account (FHSA), Multi-Generational Home Renovation Tax Credit, 2023 inflation adjustments.
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United States Tax Change Highlights for 2022-2023
Author: Brad Howland
First Posted: Jan. 24, 2023
Due date of federal return extended, filing status name changed, certain child and family credits going back down, reporting requirements for Form 1099-K changing, no more "above-the-line" charitable deductions, new Standard Deduction amounts, Clean Vehicle Credit rules changed, 2023 inflation adjustments.
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Canadian Tax Change Highlights for 2021
Author: Brad Howland
First Posted: Jan. 21, 2022
CRA moving away from mailed Notices of Assessment or Reassessment, some flexibility about when to deduct repaid COVID-19 benefits, more Canadians will be able to claim the Canada Workers Benefit.
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United States Tax Change Highlights for 2021
Author: Brad Howland
First Posted: Jan. 21, 2022
Due date of federal return extended to April 18, Child Tax Credit enhanced, Child and Dependent Care Tax Credit increased and now refundable for certain taxpayers, Credits for Sick and Family Leave extended and expanded, Premium Tax Credit (PTC) expanded, changes to the Earned Income Credit (EIC) rules.
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Canadian Tax Change Highlights for 2020
Author: Brad Howland
First Posted: Feb. 4, 2021
Employees working at home due to COVID-19 may be able to claim a deduction, income tax measures to support journalism, and the refundable Canada Training Credit for tuition fees.
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United States Tax Change Highlights for 2020
Author: Brad Howland
First Posted: Feb. 4, 2021
EIP payments not taxable, Recovery Rebate Credit and other taxpayer relief, and a new charitable donations deduction on Form 1040.
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Canadian Tax Change Highlights for 2019
Author: Brad Howland
First Posted: Jan. 27, 2020
Revised tax forms, a new Canada Training Credit, and enhanced Canada Workers Benefit highlight the changes for Canada this year...
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United States Tax Change Highlights for 2019
Author: Brad Howland
First Posted: Jan. 27, 2020
Revised tax forms and reporting, elimination of the federal Health Care Coverage Shared Responsibility Payment, and Virtual Currency reporting highlight the changes for the U.S. this year...
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Upcoming Changes to the Canada Pension Plan
Author: Brad Howland
First Posted: Jan. 21, 2019
The Canada Pension Plan is an important source of retirement income for many Canadians, and the government has taken steps to enhance it.
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Tax Changes for the U.S.
Author: Brad Howland
First Posted: Jan. 21, 2019
U.S. taxpayers have sweeping changes to contend with this year, including a major transformation of Form 1040, six new schedules, and modifications to Standard Deductions, Personal Exemptions, and Itemized Deductions.
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Canadian Tax Changes for 2017
Author: Brad Howland
First Posted: Jan. 12, 2018
Exempt scholarship or bursary income can now include programs taken below the post-secondary level under certain conditions. The tuition amount has been enhanced, but the education and textbook amounts eliminated. The new “Canada caregiver amount” replaces the old caregiver amount, family caregiver amount, and amount for infirm dependants age 18 or older.
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United States Tax Changes for 2017
Author: Brad Howland
First Posted: Jan. 12, 2018
The filing due date has been extended to April 17. There is tax relief for those impacted by Hurricanes Harvey, Irma, or Maria, and miscellaneous other changes.
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Canadian Tax Changes for 2016
Author: Brad Howland
First Posted: Jan. 23, 2017
Canada Revenue Agency introduces a new reporting requirement when selling a principal residence. There are new credits for educators and individuals eligible for the Disability Tax Credit. Children's Fitness and Arts Credits have been reduced, and the Family Tax Cut has been eliminated.
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United States Tax Changes for 2016
Author: Brad Howland
First Posted: Jan. 23, 2017
The filing due date has been extended to April 18. The IRS has reintroduced its online Get Transcript service. There are new bans for those claiming certain credits when not eligible, and various other adjustments.
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Canadian Tax Changes for 2015
Author: Brad Howland
First Posted: Jan. 12, 2016
The government continues to provide some tax relief to Canadian families. Last year's Family Tax Cut, which benefited certain families (but not all), is followed up by an increase to the Universal Child Care Benefit, and a refundable credit for children's fitness expenses.
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United States Tax Changes for 2015
Author: Brad Howland
First Posted: Jan. 12, 2016
A change to the Child Tax Credit rules reduces the additional amount taxpayers can claim if they exclude foreign income. Taxpayers should be careful when withdrawing IRA funds not to run afoul of a new one-rollover-per-year limit.
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Canadian Tax Changes for 2014
Author: Brad Howland
First Posted: Jan. 20, 2015
The big change for 2014 is the Family Tax Cut, an income-splitting calculation that will reduce tax for certain families.
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United States Tax Changes for 2014
Author: Brad Howland
First Posted: Jan. 20, 2015
The big change for 2014 is the requirement to have health insurance coverage under the Affordable Care Act.
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Canadian Tax Changes for 2013
Author: Brad Howland
First Posted: Jan. 29, 2014
Taxpayers who haven't made donations after 2007 may want to contribute to charity and receive an enhanced nonrefundable tax credit for gifts.
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United States Tax Changes for 2013
Author: Brad Howland
First Posted: Jan. 29, 2014
U.S. taxpayers living in Canada in a legal same-sex marriage must now generally use the married filing jointly or married filing separately filing status on their U.S. returns.
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Canadian Tax Changes for 2012
Author: Brad Howland
First Posted: Jan. 21, 2013
There are relatively minor changes for the 2012 tax year. Certain seniors with self-employment income may want to make a CPP election on Schedule 8.
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United States Tax Update for 2012
Author: Brad Howland
First Posted: Jan. 21, 2013
The American Taxpayer Relief Act of 2012, passed by Congress on Jan. 2 2013, extends or modifies tax provisions that expired at the end of 2011 and 2012.
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Canadian Tax Highlights and Changes
Author: Brad Howland
First Posted: Jan. 23, 2012
Major tax changes for the 2011 tax year; highlights from CRA's General Income Tax and Benefit Guide.
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United States Tax Highlights and Changes
Author: Brad Howland
First Posted: Jan. 23, 2012
Major tax changes for the 2011 tax year; highlights from IRS Publication 17.
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Turn Your Medical Expenses into Deductible Business Expenses
Author: Brad Howland
First Posted: May 13, 2011
Many individuals with substantial medical costs do not see any tax savings at all. Here's how to use a Private Health Services Plan to make medical expenses fully deductible, if you are self-employed or own a business.
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Canadian Tax Highlights and Changes
Author: Brad Howland
First Posted: Jan. 22, 2011
Highlights of recent tax-related events from Canada Revenue Agency, along with major tax changes for the 2010 tax year.
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United States Tax Highlights and Changes
Author: Brad Howland
First Posted: Jan. 22, 2011
Highlights of recent tax-related events from the Internal Revenue Service, along with major tax changes for the 2010 tax year.
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Class 52 CCA Expires Jan. 31, 2011
Author: Brad Howland
First Posted: Jan. 14, 2011
Purchase new computer hardware for your business before the end of January to claim a full deduction for it on your 2011 income tax return.
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Tax Implications When Canadian Residents Marry Non-residents
Author: Brad Howland
First Posted: Oct. 7, 2010
Taxpayers should inform Canada Revenue Agency after marrying a non-resident to minimize the impact on benefit payments and allow correct calculation of the spousal amount.
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Should You Sell Your Stocks for the Tax Refund?
Author: Brad Howland
First Posted: Dec. 1, 2008
The recent bear market has spawned a number of articles on the web debating whether it's a good idea or not to sell stocks before Dec. 31, realize the capital losses, and use them to reduce income tax for the year. I feel that it's a bad plan for most of us.
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A Huge Tax Break for Canadians
Author: Brad Howland
First Posted: Oct. 25, 2008
In 2009 the new Tax-Free Investment Savings Account will come into force in Canada, and what a great tax break it is! Here's the scoop from the Department of Finance.
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Use Receipts, Not Statements
Author: Brad Howland
First Posted: Oct. 22, 2007
Credit card or bank statements are generally not adequate documentation of your expenses. You will do better in an income tax audit if you back up your expenses with receipts.
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Bookkeeping Methods for the Self-Employed
Author: Brad Howland
First Posted: July 20, 2007
My tax clients often ask me: "What's the best way to keep our books and records?" Of course, everybody is different, and the same method won't work for people with different skills. After thinking about it for a while I realized that a little overview of various bookkeeping methods might be useful for many people!
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Deducting Travel Expenses From Rental Income
Author: Brad Howland
First Posted: Oct. 3, 2005
Question: "I live in Edmonton and just purchased a rental property on Vancouver Island. Can I deduct my travel costs to and from the property? What else can I deduct?"
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Do I Need to File Form 1099-S?
Author: Brad Howland
First Posted: March 12, 2005
Question: "I Sold my House for less than $500,000. Do I Need to File Form 1099-S?"
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Be Nice To Your Accountant
Author: Frances McGuckin
First Posted: June, 2003
There seems to be a serious misconception that accountants can survive on no sleep for four months, work eight days a week, 30 hours a day, and not make mistakes – all for a small and reasonable fee. Get your taxes in early and make your accountant's life a lot easier!
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Income Tax Note for Canadians
Author: Brad Howland
First Posted: April, 2002
If your capital equipment goes up in value over time, don't throw away your 1994 income tax return!
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Why buy a Condo?
Author: Robert Thomson
First Posted: April, 2002
Robert Thomson discusses how his daughter-in-law, with a good, steady job paying $20/hour, $2,000 in savings, and monthly rent payments of $600, was able to buy a nice one bedroom condo in Victoria for $100,000.
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Retirement Savings Plans: Are They Really a Good Investment?
Author: Brad Howland
First Posted: March, 2002
RRSP's and IRA's are hyped endlessly by the financial services industry. Who do they benefit the most, the people contributing to the plans or those who have a vested interest in selling them?
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The First Step to Financial Freedom: Balance Your Checkbook!
Author: Brad Howland
First Posted: September, 2001
Balancing your checkbook every month allows you to track exactly how much money you have at any given time. If you don't have this information, you can slide into debt without being aware of it.