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Team Taxman

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Team Taxman

A team of professionals dedicated to tax planning and preparing your tax returns, we specialize in returns for self-employed individuals and small business.

Book your appointment by using this link https://calendly.com/teamtaxmanfeleisha You should consider joining Team Taxman
If you are self employed (real estate agents, mortgage brokers, actors etc.) earn commission (sales reps), have a small corporation, or own rental properties. We specialize in preparing returns for the above types of situations and minimizes your tax bill
If you are getting audited we can help
Call to set up a free consultation with the Taxman

06/01/2026

Canadian Tax Reality Check 🚨

Client:
“So I donated $2,000 to my friend’s GoFundMe… how much do I get back on my taxes?”

Me explaining to them that a GoFundMe is usually NOT a charitable donation according to CRA:
In Canada
Most GoFundMe contributions are:
❌ NOT tax deductible
❌ NOT eligible for donation tax credits
❌ NOT considered official charitable donations

Unless the fundraiser is connected to a registered charity with official donation receipts… CRA does not care how emotional the story was 😭

Moral of the story:
Being a good person and getting a tax deduction are not always the same thing.

05/28/2026

“You can correct your tax return for up to 10 years.”

Are you suddenly remembering:
-that missing T4 from 2019
-crypto trades from the pandemic era
-“business expenses” that were definitely just Starbucks
-the RRSP slip currently living in a kitchen drawer

Good news:
The Canada Revenue Agency generally allows you to request changes to a tax return for up to 10 years after the tax year.

📌 Example:
In 2026, you can usually still adjust returns back to 2016.

BUT…
If CRA catches the mistake first, the experience becomes significantly less fun 😭

✅ Better to fix it voluntarily
❌ Worse to get the “we reviewed your return” letter

05/23/2026

You told yourself all year:

“I’ll organize my receipts next week.”

Now it’s May 23th and you’re searching your car for:
* gas receipts
* Home Depot invoices
* random coffee purchases or strip club receipts you SWEAR were business meetings

🚨 Reminder for self-employed Canadians:
The Canada Revenue Agency self-employment tax filing deadline is June 15th.
(But if you owe taxes… interest started after April 30 😭)

📂 Translation:
Your bookkeeping emergency has officially become MY emergency.

04/25/2026

🏡 **MULTIGENERATIONAL HOME RENOVATION TAX CREDIT

Planning to renovate your home to make space for a parent, grandparent, or adult child with a disability? You could qualify for a valuable tax credit.

Here’s what you need to know:

👨‍👩‍👧 **Who is this credit for?**
You may qualify if you're creating a **secondary living unit** for:
✔️ A senior (65 or older)
✔️ An adult (18+) eligible for the Disability Tax Credit

🔨 **What renovations qualify?**
Renovations must create a **self-contained unit** with:
✔️ A private entrance
✔️ Kitchen
✔️ Bathroom
✔️ Sleeping area

💰 **How much can you claim?**
✔️ Up to **$50,000** in eligible renovation costs
✔️ Worth up to **$7,500** in tax savings

📅 **When can you claim it?**
Claim the credit in the year the renovation is **completed** — not when it starts.

⚠️ **Important:**
The unit must be built for an **eligible individual** who will live there within 12 months of completion.

📩 **Thinking about adding an in-law suite or converting space for family?**
Make sure you structure the renovation to qualify for this credit.

04/23/2026

🍎 **ELIGIBLE EDUCATOR TAX CREDIT — DON’T MISS THIS ONE!** 🇨🇦

Teachers and early childhood educators — you may be able to claim money back for classroom supplies you paid for yourself. ✏️📚

Here’s what you need to know:

👩‍🏫 **Who qualifies?**
✔️ Certified teachers
✔️ Early childhood educators
✔️ Must be employed at an eligible school or childcare facility

🧾 **What can you claim?**
Eligible teaching supplies that are:
✔️ Used directly in the classroom
✔️ Consumed during the school year
✔️ Not reimbursed by your employer

💰 **How much is the credit?**
You can claim up to **$1,000** in eligible supplies.
This credit is **refundable**, meaning you can receive **up to $250 back** — even if you don’t owe taxes.

⚠️ **Important:**
Keep your **receipts** and make sure your employer certifies your claim if required.

📩 **Educator paying out-of-pocket for supplies?**
Make sure you’re claiming every dollar you’re entitled to.

04/18/2026

CERTIFICATE OF INDIAN STATUS & TAXES — KNOW THE FACTS 🇨🇦

Having a Certificate of Indian Status does NOT automatically mean you don’t pay taxes.

Here’s what you need to know:

✔️ Income may be tax-exempt — but only in certain cases
Employment income may be tax-free if it is earned on a reserve or has strong ties to a reserve.

✔️ Location matters
Where you work, where your employer is located, and where your duties are performed all affect whether income is taxable.

✔️ GST/HST exemptions may apply
Some purchases may be tax-exempt if they are made on reserve or delivered to a reserve.

⚠️ Common Myth:
"I have Status, so I don’t pay tax."
🚫 Not always true. Many Status individuals still pay income tax depending on their situation.

📄 You may still need to file a tax return
Even if income is tax-exempt, filing helps maintain benefits and credits.

💡 Every situation is different — don’t assume.

📩 Have a Certificate of Indian Status and unsure about your taxes?
We can review your situation and make sure you’re filing correctly.

04/17/2026

🚨 APRIL 30TH IS COMING… AND SO IS THE PANIC 🚨

You had 365 days to get ready…
But somehow it’s now April and your receipts are still in a shoebox. 📦😅

Sound familiar?

⏰ April 30 = Tax Deadline
📅 Appointments are filling FAST
💻 CRA doesn’t accept “I forgot” as payment

Don’t be the person emailing on April 29 at 11:47 PM saying:
"Hey… can you squeeze me in tomorrow?" 😬

👉 Book your appointment NOW before the last spots disappear.
Future You will be very grateful. 🙌

📩 Message us today to lock in your spot!

04/14/2026

ARMED FORCES INCOME ON A T1 — IS IT TAXABLE?

Serving overseas? Your income may not be fully taxable — but it depends on the mission. 🎖️

Here’s what Canadian Armed Forces members need to know:

✔️ Some deployment income is TAX-FREE
If you’re deployed on a designated operational mission, certain earnings may be exempt from tax.

✔️ You STILL file a tax return
Even if income is tax-exempt, it must still be reported properly on your T1.

✔️ Check your T4 carefully
Tax-exempt operational income is usually identified separately on your slip.

✔️ Not all deployments qualify
Training missions or non-designated operations are typically fully taxable.

⚠️ Don’t assume your deployment income is tax-free.
Incorrect reporting can lead to reassessments later.

📩 Military member or veteran?
We help ensure your return is filed correctly — especially when deployment income is involved.

04/12/2026

DAY TRADING INCOME — IT’S NOT ALWAYS CAPITAL GAINS

Think your day trading profits are taxed at 50%? Think again. ⚠️

If you're actively buying and selling stocks, your earnings may be treated as BUSINESS INCOME — not capital gains.

Here’s how the CRA looks at day trading:

🔍 You may be considered a business if you:
✔️ Trade frequently
✔️ Hold stocks for short periods
✔️ Use advanced trading tools or strategies
✔️ Spend significant time trading
✔️ Rely on trading as a source of income

💰 If it's BUSINESS INCOME:
• 100% of profits are taxable
• Losses may be fully deductible
• You may need to report income as self-employed on your T1

📉 If it's CAPITAL GAINS:
• Only 50% of gains are taxable
• Capital losses can only offset capital gains

⚠️ Many traders assume capital gains — but the CRA may disagree.

Before filing, make sure your trading activity is classified correctly.

📩 Not sure how your trading income should be reported?
We can review your activity and help you file it the right way.

04/09/2026

ARMED FORCES INCOME — IS IT TAXABLE?

Serving overseas? Your income may not be fully taxable — but it depends on the mission. 🎖️

Here’s what Canadian Armed Forces members need to know:

✔️ Some deployment income is TAX-FREE
If you’re deployed on a designated operational mission, certain earnings may be exempt from tax.

✔️ You STILL file a tax return
Even if income is tax-exempt, it must still be reported properly on your T1.

✔️ Check your T4 carefully
Tax-exempt operational income is usually identified separately on your slip.

✔️ Not all deployments qualify
Training missions or non-designated operations are typically fully taxable.

⚠️ Don’t assume your deployment income is tax-free.
Incorrect reporting can lead to reassessments later.

📩 Military member or veteran?
We help ensure your return is filed correctly — especially when deployment income is involved.

Address

1542 Jane Street, 2nd Floor
Toronto, ON
M9N2R5

Opening Hours

Monday	9am - 9pm
Tuesday	9am - 9pm
Wednesday	9am - 9pm
Thursday	9am - 9pm
Friday	9am - 9pm
Saturday	9am - 9am

Telephone

+14166531333

Website

http://www.teamtaxman.ca/

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