Evelyn Jacks

1 week ago | moneysense.ca | Evelyn Jacks

Income Properties Whether you have renters in your home or another property, know that the money you make can affect your income tax return. Here’s how to stay on the right side of the CRA. Canadians love their real estate and they love renting their properties to make some extra money. However, that comes with some tax audit risk and the need to stay in the know of current tax law.

1 month ago | moneysense.ca | Evelyn Jacks

Jacks on Tax Here are two ways to manage the effects of tariffs in Canada, plus three statements to prepare to ensure you’ll be OK. The broad-based concern Canadians have about the effect of tariffs, including potential job losses or business failures, is an important trigger for individuals to get their financial affairs in order—sooner rather than later.

2 months ago | moneysense.ca | Evelyn Jacks

Jacks on Tax You can’t just claim anything. In preparing to file your income tax return, you will need to provide receipts for proof. Here’s why. What receipts are required to submit/save for one’s personal tax return? I’m trying to trim the amount I need to put together to submit my taxes. —PepperIf you’re claiming any kind of tax deduction or credit, save the receipt and other back-up documents that support your claim—and hang on to it.

Dec 4, 2024 | moneysense.ca | Evelyn Jacks

Oct 10, 2024 | moneysense.ca | Evelyn Jacks

Taxes Here’s a guide to making the correct pre-payments of tax to the CRA, as well as answers to common questions about the process. I received a notice from the CRA that I now have to pay quarterly income tax every year. I would like to know how this is calculated so that I can be prepared for the upcoming payments. Is there a formula that I can base on?