Do you need an Income Tax Checklist? We have one!

Income tax checklist

Do you need an Income Tax Checklist? We have one!

Income tax season is back! It snuck up on me again at the exact same time this year as the last 15 or so. To help people ease the possible pains of their tax returns I’ve prepared this checklist that will hopefully keep track of the majority of items you might need.  Read more

3 ways I discovered how to reduce my taxes

Reduce my taxes

3 ways I discovered how to reduce my taxes

I remember a few years ago I read this article online that I now cannot find. It was basically an explanation on how the rich pay much less in taxes as a percentage of their income.  I didn’t think too much about trying to reduce my taxes at the time because I had recently graduated university, and was starting my new career in another province.  I had too much to worry about before I could worry about trying to reduce my taxes…like getting enough income to start paying taxes. I thought that would be the best place to start!  But I think it really stuck with me subconsciously because over the next few years I started to think of multiple “hustles” to help reduce my taxes as I felt this could be another avenue for retaining more money.
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9 Great tax deductions for income properties

tax deductions for income properties

9 Great tax deductions for income properties

Tax season is just about over for everyone and I was able to get a pretty nice return thanks to my tax deductions for income properties. You may know by now that I have two income properties. If not, go and read about my first one which became an income property by accident. When you’re done there you can check out my search for a purpose bought income property.  Go ahead! I’ll wait right here!

Why so many income properties?

Well besides the fact they can make you tons money in four different ways, any accountant (always helps to check with an accountant if you’re going this route, they can save you lots of money!) could tell you all about the tax deductions for income properties.  Read more

Income Tax season: Is it really that scary?

Income Tax

Is income tax season as scary as they want us to believe?

Spoiler alert: Nope!

Well it’s the end of February and I’m starting to hear all of the usual ads on the radio when I’m driving anywhere now. Even on TV you’ll see a few of them. They’re all reminding you of the same thing and trying to tell you that you need a professional’s help.  They’re all about tax season! With Canada’s personal income tax deadline coming up on April 30th, 2016 I’m going to tell you why you don’t have much to worry about and why you should file your taxes yourself.

Judging by all the commercials I hear on the radio you’d think filing taxes was the hardest thing in the world.  These commercials like to emphasize that if you don’t get it right the government is going to come after you for more money.  Sometimes they’ll use terms you might not be completely familiar with like deductions, tax credits, or audits.

I think a lot of people are under the impression a lot of these tax preparation places employ accountants and highly trained professionals that know the income tax structure inside and out.  Unfortunately this is about the furthest thing from the truth. Read more