No one wants to get audited, but it happens. If it does happen, though, you’ll want to be prepared. Today we’re going to talk about the red flags CRA looks for and how to avoid waving those flags, as well as how to prepare for an audit, should it ever occur. As with most things in life, the more prepared you are, the easier the situation is to deal with.
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The deadline to file your personal income taxes is only a few weeks away and many of you might be scrambling to get all your important tax documents together. To ease your pain here are four mobile apps that can help make your tax refund experience more bearable. The best part, if you start using them all year long filing your taxes next year will be a cinch.
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The Registered Retirement Savings Plan (RRSP) deadline of February 29 recently passed. Were you one of those people making a late night appointment with your banker or investment advisor to top up your savings? If you were, did you feel a little like the student cramming for an exam — a student who would have been better of studying less over a longer term? Rushing to deadlines when it comes to tax incentives is not the best approach. Having an all-year plan is much smarter.
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As the saying goes, the only sure things in life are death and taxes. And, unfortunately, the former won’t allow you to escape the latter. If you’re self-employed, for example, and die still owing outstanding installment payments, the Canada Revenue Agency will come to collect from your estate if your family doesn’t take care of it first. But what happens to your other debts, like your mortgage and credit cards, when you die? Here’s an overview.
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Like many others of the female persuasion, my wife likes to shop. Like many other men, I don’t. (I think I’d rather go to the dentist than set foot into another mall.) But both of us agree that faced with the option of visiting a U.S. shopping mall this coming Friday, the day after American Thanksgiving, we’d rather have a root canal, without anesthetic, while having our toenails plucked out. They don’t call the biggest shopping day of the U.S. calendar Black Friday for nothing.
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