David B. MacNicol Chartered Accountant* - Home
David B. MacNicol Chartered Accountant*
*David B. MacNicol Professional Corporation
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New Quarterly Newsletters (May 2015)
Two quarterly newsletters have been added—one about personal issues, and one about corporate issues....
Claiming a deduction for moving expenses (May 2015)
Spring is the traditional season for real estate sales and purchases, and the spring of 2015 is proving to be no exception. In fact, the residential real estate market is particularly active this year...
Fixing a mistake on your tax return (May 2015)
According to figures posted on the Canada Revenue Agency (CRA) website, the Agency had, by April 19, 2015, received almost 16 million 2014 individual income tax returns, and had processed slightly mor...
Increased TFSA contribution limit in effect for 2015 (May 2015)
There was much speculation—and more than a few hints dropped—that this year’s federal budget would include an increase in the amount which individual Canadians can contribute to a Ta...
Changes to withdrawal rules for RRIFs (May 2015)
Most Canadians, especially those nearing retirement, have saved money through a registered retirement savings plan (RRSP). For all those individuals, no matter what the size of their RRSP or what othe...
Last-minute tax filing strategies (April 2015)
An old but still valid axiom of tax planning is that the best year-end tax planning starts on January 1st. The concept of year-end tax planning as a year-round activity may indeed be the ideal, but it...
Debt levels of Canadians - bigger but better? (April 2015)
Two reports released recently by Statistics Canada and by Canadian credit reporting agency TransUnion indicate that Canadians continue to rack up household and personal debt, but also that they might,...
Recent changes to the CRA’s online services for individuals (April 2015)
Like the rest of the world, the Canada Revenue Agency (CRA) has moved in recent years to dealing with its client group—the Canadian taxpayer—online, through the Agency’s website. To ...
Filing your 2014 income tax return (April 2015)
For even the most determined of procrastinators, the deadline for filing an individual income tax return for the 2014 tax year is imminent. That deadline will come on Thursday, April 30 for most Canad...
Freedom 55, 60, 65... and counting? (March 2015)
Canadians whose adult memories reach back a quarter century to the early 1990s will likely remember a series of television ads picturing middle-aged individuals or couples enjoying life in an idyllic ...
Dealing with the CRA through a representative (March 2015)
As our tax system has become more and more complex, the number of individuals willing to brave the annual trip through 485 lines of the tax return and a 68-page tax guide on their own is declining. Co...
Making a voluntary disclosure to the Canada Revenue Agency (March 2015)
Spring is, of course, income tax return filing season in Canada, and over the next four months millions of Canadians will file a return for the 2014 tax year. The filing deadline for this year is Thur...
What’s new on the 2014 tax return? (March 2015)
Every annual tax filing season brings with it a number of changes to the annual return. In some years those changes are broad-based, affecting large numbers of taxpayers, while in others the changes a...
New Quarterly Newsletters (February 2015)
Two quarterly newsletters have been added—one about personal issues, and one about corporate issues....
Federal individual tax rates and brackets for 2015 (January 2015)
The indexing factor for federal tax credits and brackets for 2015 is 1.7%. Consequently, the following federal tax rates and brackets will be in effect for individuals for the 2015 tax year....
Tax deadlines for the 2015 tax year (January 2015)
Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax-planning strategies. Some of the more significant dates and changes for indi...
Income splitting for families (December 2014)
The prospect of being able to split income within a family group so as to reduce overall tax payable has been on the tax horizon for a few years now. A recent announcement indicates that the federal g...
New Quarterly Newsletters (November 2014)
Two quarterly newsletters have been added—one about personal issues, and one about corporate issues....
New services available through My Business Account (November 2014)
To an ever-increasing degree Canadians, including Canadian businesses, are managing their tax affairs and dealing with the Canada Revenue Agency (CRA) online, through the CRA website. That’s a t...
Year-end planning for your TFSA (November 2014)
After getting off to a somewhat bumpy start when they were first introduced in 2009, tax-free savings accounts (TFSAs) have become extremely popular with Canadians. The misunderstandings and mistakes ...
Pooled registered pension plans - where things stand (November 2014)
As the number of Canadians approaching retirement age increases, so too does the concern that not enough of them are financially prepared for that retirement. Those concerns arise from two sources. Fi...
Changes made to enhance children’s fitness tax credit for 2014 (November 2014)
Providing children with the opportunity to participate in organized sports or other athletic activities can be a very expensive undertaking. The cost of enrollment in such programs is sometimes just t...
Using NEXUS to facilitate cross-border travel (October 2014)
It’s a fact of life that since 9/11 any kind of travel—especially cross-border travel to the United States—has become a much more time-consuming and difficult process. Greater securi...
Managing fees for day-to-day banking (October 2014)
Being charged a fee for just about every bank service from using an ATM to making an e-transfer of funds to simply receiving a printed bank statement each month is a perennial irritant to many Canadia...
Just a few questions about your tax return (October 2014)
Receiving unexpected correspondence from the tax authorities is almost guaranteed to unsettle the taxpayer who receives that correspondence, even where there’s no reason to believe that anything...
The medical expense tax credit and out-of-country costs (August 2014)
Canadians benefit from a health care system in which the cost of health care is paid out of public funds and the standard of care is equal to any in the world. While in other countries the cost of tre...
Charities and political activity (July 2014)
Although they aren’t usually thought of in those terms Canadian charities, as measured by the amount of money they receive and administer, can be big businesses. However, because they collect an...
A mid-year check on your TFSA (July 2014)
Tax-free savings accounts (TFSAs) were first made available by the federal government in 2009. While there were some early difficulties which led to many taxpayers inadvertently breaching TFSA rules, ...
Sales suppression software - new penalties now in effect (July 2014)
It goes without saying that developments in technology have made their mark in just about all areas of personal and business life. One of those changes has been the use of computer systems to record a...
Disputing your income tax assessment (July 2014)
It’s not unusual for a taxpayer to disagree with the Canada Revenue Agency’s (CRA) assessment of his or her tax return. When that happens, the first step is to get in touch with the CRA, b...
Moving expenses—what’s deductible and when? (June 2014)
The spring and summer months are the traditional time for moving in Canada. Moving during these months allows Canadians to both take advantage of the warmer weather and to get settled into the new loc...
Pension income splitting—getting something for nothing (February 2013)
It’s axiomatic that in tax, as in life, no one gets something for nothing. Or, to put it another way, if it sounds too good to be true, it probably is. When it comes to income tax, however, the ...
RRSPs and TFSAs—making the annual decision (February 2013)
If the weather isn’t a sufficient reminder of the fact that it’s February, the reminders and advertisements arriving in the mail and filling the airwaves tell Canadians that it is, once ag...
How to handle an Instalment Reminder from the CRA (February 2013)
Canadians who find an income tax instalment reminder from the Canada Revenue Agency (CRA) in their mail around mid-February might justifiably feel somewhat beleaguered. Just as credit card bills from ...