Watts Advisors Accounting & Tax Blog

Kiddie Tax 0

July 16, 2012

One of the best tax saving opportunities for family owned and operated businesses over the years has been income splitting.  This is the practice of splitting income amongst family members to use up all of each family member basic personal tax credit and low tax rates at the lower income ...

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Lifetime Capital Gains Exemption 0

April 20, 2012

The Lifetime Capital Gains Exemption is one of the biggest tax breaks or incentives offered by the Canadian Revenue Agency (CRA), most people are not aware of it and it is seldom used.  This tax break offers Canadians an exemption to paying tax on capital gains of up to$750,000 (was ...

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Principal Residence Exemption 0

April 13, 2012

Recently I have received a few questions about the tax rules surrounding your principal residence.   The general idea behind the Principal Residence Exemption is that you are not taxed on gains you realize when you sell your residence.  But like many tax guidelines in Canada the rules are more complicated than that to ...

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Personal Tax Return Checklist 0

March 6, 2012

Below is a checklist that I have put together to help my clients organize and compile the information needed to complete their personal tax return. Slips All information Slips (T4, T3, T5, T4E, T4A, T4AP, T4RSP, T4RIF, T5013) Old Age Security and CPP benefits Other Pensions and Annuities Employment insurance benefits Social assistance payments Workers compensation Benefits RRSP ...

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