Cloud Accounting Blog

Bookkeeping Services
2020 Canadian Tax Deadlines Amid COVID-19 Epidemic

2020 Canadian Tax Deadlines Amid COVID-19 Epidemic

Individual (personal) taxes – the deadline for personal tax filing has been pushed out from April 30th to June 1st. Sole Proprietors and those in a Partnership are considered individuals but their normal regular tax deadline is June 15th, so there is no filing change...

Tax Deductions For Homeowners Canada

Tax Deductions For Homeowners Canada

Is mortgage interest tax-deductible in Canada? Generally, mortgage interest cannot be claimed as a tax deduction since it is not subject to GST or HST. However,  if an individual borrows against home equity to purchase income-producing investments (for example,...

Income Splitting Canada: What is it and How Can it Save You Money?

Income Splitting Canada: What is it and How Can it Save You Money?

What is income splitting? Income splitting, in a nutshell, is a tax term that describes splitting a person’s income on a tax return to reduce taxes owing.  Income splitting is a strategy that can be used by high-income owners of private corporations to divert their...