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Taxpayer takes CRA to court after it dings him for RRSP overcontribution tax due to a bank error
- Jamie Golombek: Errant Home Buyers' Plan payment led to case where judge called CRA 'lacking in logic and transparency'
- The Canadian Press
Spousal RRSPs can offer tax benefits, but experts say it might not work for everyone
OTTAWA — Canadian couples looking to save money in retirement may turn to spousal RRSP accounts, though financial experts caution it might not work for everyone. Aba Quarshie, a financial planner at RBC in Almonte, Ont., said in order for a couple to benefit from a spousal RRSP there generally need to be differences between the partners. "We are looking for imbalances in incomes and also perhaps imbalances in age, so that's usually where we see the greatest benefit," she said. "It's not for ever
- Financial Post
The CRA is actively looking for people who day trade investments in their TFSAs
Jamie Golombek: Unlike an RRSP, a TFSA is not exempt from paying tax on business income from day trading
- The Canadian Press
Filing taxes for the first time? Here's what you need to know
A few years ago, Ali Najaf decided to file his taxes on his own for the first time. Najaf, an HR professional in Vancouver, used a free service in university for tax filing, and then after graduation began paying a professional to file them. But in 2021, he thought it would be useful to learn to do his taxes on his own. “I believe in learning by doing,” said Najaf. But he was surprised at how difficult it was, and ended up missing out on a work-from-home benefit. In 2022, he decided to try again
- Financial Post
CRA denies transit employee's costs from working away from home, gets taken to court
Jamie Golombek: To deduct unreimbursed food and lodging employment expenses, several conditions must be met
- The Canadian Press
What to know about investing with your student line of credit
MONTREAL — When Pablo Mhanna-Sandoval received his offer of admission for law school in the spring of 2022, he immediately started securing a student line of credit. “I initially took out a line of credit as an insurance to make sure I had some liquidity down the line in the last two years of my degree,” said Mhanna-Sandoval, a first-year law student at McGill University. “But I thought I might try to get ahead and put it towards something more than just my rent.” After probing his finances furt
- Financial Post
'Nonsensical': CRA denies taxpayer's headhunter fees, but judge sees things differently
Jamie Golombek: CRA's reasoning for denying headhunter expenses full of contradictions, judge says
- Financial Post
CRA taken to court after denying spousal support payments as tax deductible
Jamie Golombek: There are tax consequences to take into account when making a separation agreement
- Financial Post
Taxpayer tries to claim parking costs as medical expense, claiming discrimination for travelling short distances
Jamie Golombek: Start gathering the receipts you’ll need if you’re hoping to claim the medical expense tax credit
- Financial Post
The CRA is cracking down on COVID-19 benefit payments as this taxpayer found out
Jamie Golombek: Three CRA reviews found taxpayer couldn't claim CRB based on income from an Airbnb rental
- Financial Post
Massive TFSA recontribution mistake puts taxpayer in CRA's crosshairs
Jamie Golombek: What was 'simply an honest mistake' caused an overcontribution to the tune of $112,000
