Personal tax

Learn what adjusted cost base (ACB) means in Canada, what is added to it, how averaging works for identical shares, and a worked example for Ontario readers.

What the age amount is, who can claim it at 65 or older, the 2026 federal figures, how net income reduces it, and how Ontario residents claim their own amount.

What the alternative minimum tax is, who may owe it, how the 2025 calculation works, and how paid AMT can be recovered later through a carryover.

Learn how the attribution rules tax investment income back to the person who gave or lent money to a spouse or minor, and how a prescribed-rate loan fits in.

What an average tax rate is, how to calculate it from your return, and how it differs from your marginal rate. Includes a worked Ontario example with 2026 brackets.

What the basic personal amount is, the 2026 federal figures, how it works as a non-refundable credit, and why the Ontario amount is claimed separately on Form ON428.

Learn when a self-employed person can deduct part of their home costs, how to allocate them, and why the claim cannot create or increase a loss.

What the Canada caregiver credit is, which family members you can claim it for, how dependence is judged and what records to keep if the CRA asks.

What the Canada child benefit is, who can apply, how your income and children’s ages set the monthly amount, and why filing a return every year keeps it going.

What the Canada training credit is, who can claim it, how the $250 yearly limit builds, and how it differs from the tuition tax credit, with an example.

What the Canada workers benefit is, who qualifies, how income limits work for Ontario residents, and how advance payments and the tax return claim fit together.

Understand how a capital gain is calculated in Canada, what the inclusion rate means, and how capital losses can be used, with a worked example.

What a capital loss is in Canada, how allowable and net capital losses work, and how to carry a loss back three years or forward, with an example.

Capital property is property you buy to hold for investment or to earn income, and its sale produces a capital gain or loss. Learn what counts and what does not.

What carrying charges are, which investment costs you can deduct on line 22100, which ones you cannot, and why borrowing to invest needs care.

What the CPP retirement pension is, who qualifies from age 60, how starting earlier or later changes it, and how it is reported on your tax return.

Departure tax is the capital gain you may report when you leave Canada, because most property is treated as sold at market value. See what is covered and exempt.

What the disability tax credit is, who may qualify, why a medical practitioner must certify Form T2201, and how the amount can be transferred to a family member.

What the eligible dependant amount is, who can claim it as a single parent or supporter, the 2026 federal maximum, and why only one claim per household is allowed.

Learn which work costs an employee can deduct in Canada, why most cannot, the Form T2200 requirement, and the records the CRA expects you to keep.

How the FHSA works: the $8,000 annual and $40,000 lifetime limits, deductible contributions, qualifying withdrawals and calendar-year deduction timing.

How the foreign tax credit works for Ontario residents: who can claim it, the limit, Form T2209, currency conversion and what to keep for the CRA.

What the Home Buyers’ Plan is: withdrawing up to $60,000 from your RRSP to buy a first home, who qualifies, and the 15-year repayment schedule.

What the Lifelong Learning Plan is: withdrawing up to $10,000 a year from your RRSP for full-time study, the $20,000 cap and the 10-year repayment.

The lifetime capital gains exemption can shelter gains on qualifying small business shares or farm and fishing property. Learn the limit, the tests and the form.

Line 23600 is net income on your T1 return. See how it is calculated, why it matters for credits and benefits, and what a negative amount means.

Listed personal property covers art, jewellery, rare books, stamps and coins. Learn how gains are taxed and why losses only offset other LPP gains.

What a marginal tax rate is, how to find yours from federal and Ontario brackets, and why it matters for deductions and extra income. Includes a worked example.

Learn when relocating for work, a business or full-time study lets you deduct moving costs in Canada, the 40 kilometre test, and what records to keep.

What a non-refundable tax credit is, how it reduces your tax but never creates a refund by itself, and what to check before assuming a credit is worth its full amount.

Non-resident tax is what Canada charges on Canadian-source income paid to non-residents. Learn Part XIII withholding, Part I tax and the section 216 and 217 elections.

Understand a CRA notice of assessment, how it differs from a filed return, and which amounts and explanations to check when the document arrives.

What the OAS recovery tax is, the 15% repayment above the income threshold, how it shows up on your return, and how to ask for lower withholding.

What the Ontario child benefit is, how it is paid with the Canada child benefit, the July 2026 to June 2027 maximum and why you do not apply for it separately.

What the Ontario health premium is, who pays it, how the amount steps up with taxable income on Form ON428, and why it is separate from your bracket-based Ontario tax.

What the Ontario surtax is, the two thresholds and rates on Form ON428, a worked example, and why it makes higher-income Ontario marginal rates higher than the brackets suggest.

What the Ontario tax reduction is, how the basic and dependant amounts are doubled and compared with your Ontario tax, and who cannot claim it. Includes a worked example.

What a pension adjustment is, why a workplace pension reduces next year’s RRSP room, where to find it in box 52 of your T4, and what it does not change.

What the pension income amount is, which pension and annuity income qualifies, the $2,000 federal limit, and how it differs from the age amount and pension splitting.

Personal-use property is what you own mainly for personal enjoyment, such as a car or cottage. Learn the $1,000 rule and why most losses cannot be claimed.

Learn how the principal residence exemption works in Canada, how to designate a home, why the sale must be reported, and where partial exemptions apply.

What an RDSP is: who qualifies through the disability tax credit, the $200,000 lifetime limit, government grants and bonds, and the 10-year repayment rule.

What a refundable tax credit is, how it differs from a non-refundable one, and why you generally need to file a return to receive credits such as the Canada workers benefit.

Learn what the residential property flipping rule is, how the 365-day test works, which life events are exceptions, and why a flip is taxed as business income.

What an RESP is, how the Canada Education Savings Grant works, the $50,000 lifetime limit and who pays tax on withdrawals, explained for Ontario families.

What a RRIF is, why a minimum must be paid each year, how RRIF income is taxed and what happens to an RRSP at 71, with an illustrative example.

What an RRSP is, where to find your own deduction limit, how the first 60 days of the year work and why withdrawals are generally taxed.

What a spousal RRSP is, who deducts the contribution, and how the three-year attribution rule decides whose return a withdrawal is taxed on.

Learn what a superficial loss is in Canada, the 30-day window, who counts as affiliated, and how the denied loss is added back to cost, with an example.

A T1 adjustment request asks the CRA to change an assessed personal tax return. See what you can fix, online versus paper, processing times and outcomes.

Learn when Canadian residents must file Form T1135, what counts as specified foreign property, the $100,000 cost test and the simple Part A option.

Learn what a T3 slip shows, which boxes feed capital gains, dividends and other income on your return, and why a cost base adjustment in box 42 matters.

Learn what a T5008 slip reports when you sell or redeem investments, why box 20 may not equal your adjusted cost base, and how to report it on Schedule 3.

What Form T776 is, what it reports, how co-owners and part-home rentals use it, and what to gather before an Ontario landlord’s accountant completes it.

What a tax bracket is, how federal and Ontario brackets work together, the 2026 thresholds and why moving into a higher bracket does not tax all your income.

A tax deduction lowers the income you are taxed on. Learn how deductions differ from credits, common personal examples and what records to keep.

Tax residency decides whether Canada taxes your world income or only Canadian-source income. See how the CRA looks at residential ties, with an Ontario example.

What a Canadian tax treaty does, how it can reduce or exempt tax on cross-border income, and why it does not replace filing or claiming relief in Ontario.

Taxable income is the amount of income the CRA actually taxes after deductions. See how line 26000 is worked out and why it differs from what you earned.

A TD1 is the personal tax credits return an employee gives an employer so the right income tax is withheld. See who completes it, when to update it and what happens without one.

How TFSA contribution room works, the 2026 annual limit, when withdrawals restore room and what the 1% monthly tax on over-contributions means.

How the tuition tax credit works for Ontario students: eligible fees, the T2202 slip, the $100 minimum, transfers to a parent and carrying amounts forward.

What the federal underused housing tax was, who had to file for 2022 to 2024, why no return is needed for 2025 onward, and what owners in Ontario should check.

Learn which union and professional dues employees can deduct on line 21200, what the T4 box 44 amount means, and what does not qualify as dues.

What withholding tax means when you pay someone outside Canada: the 25% default rate, treaty relief, the 15% services rule, NR4 reporting and remittance dates.