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If you have a question, you may find your answer here in our FAQ section. Click on the topics (listed in alphabetic order) below to view the subtopics (if any), questions and answers. Post-publication changes in legislation, government policies, or the interpretation of the law could affect the validity of the information contained herein. Answers provided are current as of the date on which they are added.

Answers to these questions are not an exhaustive treatment or analysis of such subject(s) and related law. Accordingly, information herein is not intended to constitute accounting, tax, legal, investment, consulting or other professional advice or services. Before making any decision or taking any action that might affect your personal finances or business, you should consult a qualified professional adviser. Use of information is at your own risk.

Frequently Asked Questions

About Taxwiz Accounting & Consulting Inc.

B.C. Harmonized Sales Tax (HST)   

  1. I own a small business in British Columbia. What are the impacts of the proposed new HST on my business?
  2. Who are the winners and losers of this new HST?
Business Tax Issues
  1. Employee and Payroll Expenses
  2. Incorporation
  3. Activities Involving Research and Development
  4. Others
Foreign Assets Reporting

More information on this topic can be found in our article titled "Foreign Assets Reporting". This article is available for purchase in our e Store.

  1. Who must report foreign assets?
  2. What assets must be reported?
Rental Income
  1. I am not a Canadian tax resident. I earn rental income in Canada. Do I need to pay Canadian tax?
  2. I paid a special assessment for repair on my rental condo. Is this payment deductible against my rental income?
Personal Income Tax
  1. Child Care Expenses
  2. Children's Fitness Tax Credit
  3. General Tax Questions
  4. Immigrating to Canada
  5. RRSP related questions
  6. Support Payments to Spouse in Marital Breakdown

Tax Audit

More information on this topic can be found in our article titled "CRA Tax Audit". This article is available for purchase in our e Store.

  1. What is CRA tax audit all about?
  2. What should a taxpayer do when the tax man knocks on your door?
  3. I did not report all of my income in my last year income tax return. What should I do?
  4. What is a tax review?

           

[This page was added on April 6, 2009, last revised on December 18, 2010.]