Mar-02-2012

Is a service award a taxable benefit?

Besides compensation, employers can use a variety of incentives, gifts and rewards to recognize their employees. But depending on the item, the Canada Revenue Agency may want to know about it.

Feb-29-2012

Your T4 Explained

Every year, Canadians wait for the end of February and the arrival of their T4 Forms. But what do all the numbers on your T4 actually mean?

Jan-23-2012

H&R Block’s Second Look program uncovers $50,000 in tax refunds

Our tax professionals were invited to be part of the new reality series Million Dollar Neighbourhood, airing on OWN: Oprah Winfrey Network (Canada). We checked more than 300 tax returns and found thousands of hidden dollars.

Jan-12-2012

What’s new on your 2011 tax return

Not everyone is looking forward to filing their taxes but there are some new credits and deductions available for 2011 that may result in tax savings. Keep all your receipts and claim everything available in order to maximize your return.

Dec-14-2011

Don’t miss out on 2011 tax strategies

Taxes may not be due until April 30, 2012 but once the year ends, there is little you can do to affect your tax return. If you experienced a life change in 2011, you may want to review your tax situation before welcoming in the New Year.

Oct-06-2011

EI for the self-employed is a commitment

For small business owners, EI benefits could be beneficial but be aware, once you sign up, you can’t get out.

Oct-06-2011

Closing down your business? Be aware of the tax implications

Starting a new business is a challenge and sometimes it doesn’t work out according to the business plan. It’s important to know that closing a business doesn’t erase your tax obligations or GST payments and the Canada Revenue Agency (CRA) expects you to file all your paperwork before closing your doors.

Aug-08-2011

Busting TFSA Myths

The Tax Free Savings Account (TFSA) is three years old but Canadians are still not taking advantage. Why are we afraid to save tax free?

Aug-02-2011

Student Tax Credits Expanded

Post-secondary and continuing education students are already eligible for many tax credits. Best of all, claiming your tuition just got easier.

Jun-27-2011

Not a resident? You may still be able to claim dependants

From nannies to farm hands to personal care workers, thousands of temporary workers coming to Canada every year so they can send money back home. But even their families are living half-way around the world, temporary workers may be able to claim spousal and dependant amounts on their tax return.

Jun-27-2011

New tax credits could pay off

Recent changes could mean more money from your 2011 return. You need to keep your receipts in order to get the proper credit and maximize your return.

May-13-2011

The small business deadline is coming

The good news: self-employed Canadians get an extra 45 days to file their tax returns. The bad news: the June 15 deadline is coming up quickly, and since business returns are more likely to be reviewed by the CRA, you’ll need to know what you can and cannot claim.

May-13-2011

Behind on your taxes? It is time to catch up

Let a tax deadline slip by and think no one noticed? Think again.

Mar-03-2011

Tax expertise saves client $36,000

Margaret Patterson sought help from a tax professional to prepare her father’s final return. Even though she had prepared the probate forms herself, she decided an expert was needed to help with the taxes. Her decision to trust H&R Block with her tax preparation meant a $36,000 tax savings for her father’s estate.

Mar-02-2011

Five good reasons to file a return

Do you know the CRA can ask you to file your return? Even if you had little to no income, there are credits and benefits you can’t access unless you file. And if you are already receiving benefits, you need to file or the cheques will stop coming.

Jan-17-2011

Understanding the difference between a TFSA and an RRSP

Financial institutions are all pushing Registered Retirement Saving Plans (RRSPs) and Tax Free Savings Accounts (TFSAs). Both offer a legal tax shelter but which is the right choice? An RRSP is a great way to save for the future, but withdrawing money has consequences. A TFSA earns tax-free interest but there are annual-contribution limits. Choosing one depends on your short- and long-term savings goals: do you need short-term freedom for your savings or are you saving for retirement?

Jan-16-2011

Living with a disability? Explore your tax options

One in seven Canadians lives with a disability, yet only 500,000 Canadians claimed the Disability Tax Credit in 2009. Created to help with some of the additional expenses of everyday living and medical equipment, the credit is often overlooked even though it can mean big tax savings. People who care for a disabled person should also explore the credit, as caregiving costs may be covered. So if you think you might qualify, it is worth some time to discuss your situation with a tax professional.

Jan-16-2011

Reduce tax-time headaches with a little timely prep

Few people really enjoy preparing tax returns, and so they allow the deadline to creep closer as they put off the inevitable. This is a recipe for headaches, as the annual scramble for receipts and documents only makes the process more unpleasant. Reduce your stress by collecting slips and receipts in one location early on. Conversely, some people are so anxious to get that big refund cheque that they submit their return before all their slips are in, but that is only a headache of a different sort: missing slips could lead to problems when the Canada Revenue Agency reviews your return. So take a few minutes now to get your paperwork in order.