Canadian residents are taxed on their worldwide income. If you have a pension from a foreign country you are required to report it on your
What are the penalties and interest for unreported income?
If you are a Canadian resident, you are required to report all of your worldwide income, including foreign pensions, on your tax return each year.
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What to do if you over-contribute to your TFSA
If you contribute more than your available contribution room to your Tax Free Savings Account (“TFSA”) you will have to pay a tax equal to
Watch out for double conversion fees on your foreign currency account
If you have a foreign currency account with a Canadian bank, watch out for double conversion fees. Double conversion fees occur when you withdraw money
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CRA raised its prescribed rate of interest
The Canada Revenue Agency (“CRA”) recently raised its prescribed interest rate that it charges on tax debts from 6% to 7% per annum. This is
Why Building Contractors Should Come in From the Cold
Last week I wrote an article about how the Canada Revenue Agency (“CRA”) used the “unnamed person” provisions of the Income Tax Act to
Read MoreWhy Building Contractors Should Come in From the Cold