Practical tax guidance, clearly explained.
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Saving & retirement 2 min
One RESP payment, two kinds of money
Identify the taxable education assistance payment separately from returned contributions when using an RESP for school.
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Working for yourself 2 min
The market money was counted twice
Nadia sells pottery at a weekend market, then nearly reports the same money again when it reaches her bank. A simple cash trail fixes the problem.
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Working for yourself 2 min
The work was finished. The payment was still coming.
Malik sends the last design files in December and gets paid in January. Why the bank deposit date does not settle the income-tax year.
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Working for yourself 3 min
Planning parental leave when the business is you
Check the work-time reduction, income period and application timing before planning parental leave around a self-employed business.
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Saving & retirement 2 min
I had circled February. The account wanted December.
Nadia plans a first-home contribution around an old RRSP habit. The useful distinction is between contributing now and claiming the deduction later.
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Homes & rentals 2 min
Samira paid rent all year. The receipts still mattered.
Prepare your addresses, eligible rent paid and landlord details for the Ontario energy and property tax credit application.
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