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Income Tax Preparation

Canada and the United States

Miscellaneous Tax Articles

Canada

Canadian Tax Changes for 2016

Author: Brad Howland
First Posted: Jan. 23, 2017

Canada Revenue Agency introduces a new reporting requirement when selling a principal residence. There are new credits for educators and individuals eligible for the Disability Tax Credit. Children's Fitness and Arts Credits have been reduced, and the Family Tax Cut has been eliminated.
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United States

United States Tax Changes for 2016

Author: Brad Howland
First Posted: Jan. 23, 2017

The filing due date has been extended to April 18. The IRS has reintroduced its online Get Transcript service. There are new bans for those claiming certain credits when not eligible, and various other adjustments.
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Canada

Canadian Tax Changes for 2015

Author: Brad Howland
First Posted: Jan. 12, 2016

The government continues to provide some tax relief to Canadian families. Last year's Family Tax Cut, which benefited certain families (but not all), is followed up by an increase to the Universal Child Care Benefit, and a refundable credit for children's fitness expenses.
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United States

United States Tax Changes for 2015

Author: Brad Howland
First Posted: Jan. 12, 2016

A change to the Child Tax Credit rules reduces the additional amount taxpayers can claim if they exclude foreign income. Taxpayers should be careful when withdrawing IRA funds not to run afoul of a new one-rollover-per-year limit.
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Canada

Canadian Tax Changes for 2014

Author: Brad Howland
First Posted: Jan. 20, 2015

The big change for 2014 is the Family Tax Cut, an income-splitting calculation that will reduce tax for certain families.
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United States

United States Tax Changes for 2014

Author: Brad Howland
First Posted: Jan. 20, 2015

The big change for 2014 is the requirement to have health insurance coverage under the Affordable Care Act.
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Canada

Canadian Tax Changes for 2013

Author: Brad Howland
First Posted: Jan. 29, 2014

Taxpayers who haven't made donations after 2007 may want to contribute to charity and receive an enhanced nonrefundable tax credit for gifts.
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United States

United States Tax Changes for 2013

Author: Brad Howland
First Posted: Jan. 29, 2014

U.S. taxpayers living in Canada in a legal same-sex marriage must now generally use the married filing jointly or married filing separately filing status on their U.S. returns.
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Canada

Canadian Tax Changes for 2012

Author: Brad Howland
First Posted: Jan. 21, 2013

There are relatively minor changes for the 2012 tax year. Certain seniors with self-employment income may want to make a CPP election on Schedule 8.
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United States

United States Tax Update for 2012

Author: Brad Howland
First Posted: Jan. 21, 2013

The American Taxpayer Relief Act of 2012, passed by Congress on Jan. 2 2013, extends or modifies tax provisions that expired at the end of 2011 and 2012.
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Canada

Canadian Tax Highlights and Changes

Author: Brad Howland
First Posted: Jan. 23, 2012

Major tax changes for the 2011 tax year; highlights from CRA's General Income Tax and Benefit Guide.
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United States

United States Tax Highlights and Changes

Author: Brad Howland
First Posted: Jan. 23, 2012

Major tax changes for the 2011 tax year; highlights from IRS Publication 17.
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Canada

Turn Your Medical Expenses into Deductible Business Expenses

Author: Brad Howland
First Posted: May 13, 2011

Many individuals with substantial medical costs do not see any tax savings at all. Here's how to use a Private Health Services Plan to make medical expenses fully deductible, if you are self-employed or own a business.
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Canada

Canadian Tax Highlights and Changes

Author: Brad Howland
First Posted: Jan. 22, 2011

Highlights of recent tax-related events from Canada Revenue Agency, along with major tax changes for the 2010 tax year.
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United States

United States Tax Highlights and Changes

Author: Brad Howland
First Posted: Jan. 22, 2011

Highlights of recent tax-related events from the Internal Revenue Service, along with major tax changes for the 2010 tax year.
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Canada

Class 52 CCA Expires Jan. 31, 2011

Author: Brad Howland
First Posted: Jan. 14, 2011

Purchase new computer hardware for your business before the end of January to claim a full deduction for it on your 2011 income tax return.
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Canada

Tax Implications When Canadian Residents Marry Non-residents

Author: Brad Howland
First Posted: Oct. 7, 2010

Taxpayers should inform Canada Revenue Agency after marrying a non-resident to minimize the impact on benefit payments and allow correct calculation of the spousal amount.
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United States Canada

Should You Sell Your Stocks for the Tax Refund?

Author: Brad Howland
First Posted: Dec. 1, 2008

The recent bear market has spawned a number of articles on the web debating whether it's a good idea or not to sell stocks before Dec. 31, realize the capital losses, and use them to reduce income tax for the year. I feel that it's a bad plan for most of us.
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Canada

A Huge Tax Break for Canadians

Author: Brad Howland
First Posted: Oct. 25, 2008

In 2009 the new Tax-Free Investment Savings Account will come into force in Canada, and what a great tax break it is! Here's the scoop from the Department of Finance.
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United States Canada

Use Receipts, Not Statements

Author: Brad Howland
First Posted: Oct. 22, 2007

Credit card or bank statements are generally not adequate documentation of your expenses. You will do better in an income tax audit if you back up your expenses with receipts.
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United States Canada

Bookkeeping Methods for the Self-Employed

Author: Brad Howland
First Posted: July 20, 2007

My tax clients often ask me: "What's the best way to keep our books and records?" Of course, everybody is different, and the same method won't work for people with different skills. After thinking about it for a while I realized that a little overview of various bookkeeping methods might be useful for many people!
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Canada

Deducting Travel Expenses From Rental Income

Author: Brad Howland
First Posted: Oct. 3, 2005

Question: "I live in Edmonton and just purchased a rental property on Vancouver Island. Can I deduct my travel costs to and from the property? What else can I deduct?"
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United States

Do I Need to File Form 1099-S?

Author: Brad Howland
First Posted: March 12, 2005

Question: "I Sold my House for less than $500,000. Do I Need to File Form 1099-S?"
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United States Canada

Be Nice To Your Accountant

Author: Frances McGuckin
First Posted: June, 2003

There seems to be a serious misconception that accountants can survive on no sleep for four months, work eight days a week, 30 hours a day, and not make mistakes – all for a small and reasonable fee. Get your taxes in early and make your accountant's life a lot easier!
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Canada

Income Tax Note for Canadians

Author: Brad Howland
First Posted: April, 2002

If your capital equipment goes up in value over time, don't throw away your 1994 income tax return!
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United States Canada

Why buy a Condo?

Author: Robert Thomson
First Posted: April, 2002

Robert Thomson discusses how his daughter-in-law, with a good, steady job paying $20/hour, $2,000 in savings, and monthly rent payments of $600, was able to buy a nice one bedroom condo in Victoria for $100,000.
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United States Canada

Retirement Savings Plans: Are They Really a Good Investment?

Author: Brad Howland
First Posted: March, 2002

RRSP's and IRA's are hyped endlessly by the financial services industry. Who do they benefit the most, the people contributing to the plans or those who have a vested interest in selling them?
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United States Canada

The First Step to Financial Freedom: Balance Your Checkbook!

Author: Brad Howland
First Posted: September, 2001

Balancing your checkbook every month allows you to track exactly how much money you have at any given time. If you don't have this information, you can slide into debt without being aware of it.

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The information on this website, and the use of this website, are both provided without warranty of any kind. Income tax rules change every year and some information may be out of date. All readers wishing to take advantage of the information offered here should consult a qualified income tax preparer. In no event will Brad Howland, Howland Tax Services, or this website be liable for any damages, including lost profits, arising out of the information offered on this website, or the usage of this website. All material on this website Copyright © 2001-2017 by Howland Tax Services, Inc. Please contact us for permission to use this material in any form. Website designed and maintained by Brad Howland.