Practical tax guidance, clearly explained.
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Saving & retirement 2 min
A TFSA excess can cost tax even if it lasts only a few days
Find the highest excess in each affected month, stop further excess deposits and check the separate TFSA return.
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Filing & corrections 7 min
How to Change a Tax Return: T1 Adjustments and ReFILE
How to fix an assessed return with Change my return, ReFILE, or Form T1-ADJ, including the 10-year limit and current CRA timelines.
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Saving & retirement 2 min
The pension arrived without a tax deduction
Estimate the tax on all retirement income, then decide whether to request deductions from CPP or OAS payments.
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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
One bill, two uses
Document commercial use, then apply the rule for that type of purchase. The income-tax percentage is not always the ITC percentage.
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Family & everyday life 3 min
Medical receipts do not have to follow January to December
Compare eligible paid expenses across a 12-month period ending in the tax year, with reimbursements and prior claims removed.
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