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Is your corporation at risk of being deemed a personal services...

If your corporation is deemed to be a personal services business (PSB) your corporation is no longer eligible for the small business deduction (SBD)...

Family Income Splitting for Doctors – A Significant Income Tax Saving...

Our physician clients are some of the higher paid professionals in BC. Some making well over $500,000 per year. At these income levels average...

Disclosing Offshore Investment Accounts to CRA – Don’t Let CRA Find...

I met with a client a few weeks ago that needed some advice on whether or not to disclose his Swiss offshore investment accounts....

CRA Foreign Tax Credit Review – Please Help!

Question Hi Phil I'm dealing with a CRA review of my T1 foreign tax credit claim and it's driving me nuts. Hopefully you have a good...

5 Years of past due Canadian tax returns.

Question Hi, I hope you can help. I've neglected to file my Canadian taxes for the last 5 years (please no lecture thanks....I know I've been...

Reduce the amount of tax withholdings from you paycheque

Question Dear Phil, I stumbled upon your website while searching internet for information on tax payments. My income tax is being deducted from each paycheck. My spouse...

CRA Cracking Down on Non-Compliance

I wanted to share the recent CRA news release regarding how much extra revenue CRA has obtained by auditing and reviewing individuals and businesses'...

Tax Tip #2 – Can I Adjust a Previous Year’s Canadian...

If you find that you've made a mistake on your Canadian tax return you are able to submit a T1adj form with CRA to...

Tax Tip #1 – What Happens If I File My Canadian...

Your Canadian tax return is due April 30th unless you or your spouse or common-law partner carry on a business in which case you...

CRA Announces Interest Rates For The First Quarter

CRA has announced their interest rates for the first quarter of 2010. The rates include both the penalty rates for overdue balances as well...

CRA Is Now Offering Online Payment Services

It's been a long time coming, but The Canada Revenue Agency is now offering electronic payments for individuals and businesses. Their new MyPayment system allows...