Henry Choo Chong, CGA provides professional accounting and taxation solutions for individuals, businesses and corporations. Henry can be reached at 416-590-1728, ext. 304.

Sharing benefits

June 08, 2010

Q. My ex-husband and I have shared custody of our children. We agreed that I would receive the GST and Child Tax Benefit. Will I receive less money next year?

Answering reader questions on RRSPs

April 20, 2010

This October, my father turns 69 years old and my mother 65. Is this the last year for his RRSP contribution, and can he transfer excess contri­butions to his TFSA?

Dividends can reward those who take the risk

March 30, 2010

Dividends are more tax friendly than interest income and most other forms of income.  However, dividends are generally paid by a corporation to its shareholders.

The advantages and pitfalls of selling shares to trigger a tax loss

March 30, 2010

Can I transfer my Suncor shares to my minor children and deduct the losses on my tax return.

Tax losses can reduce this year’s bill, recoup from last 3 years

March 16, 2010

Total losses exceed $100,000. If I understand the rules, I can deduct a capital loss to reduce other capital gains.  Are there limits to the loss and for how many years?

Not everyone has to file a return

March 09, 2010

Should I pay the cost of filing a tax return or not file? Am I required to file a tax return?

Digging up tax deductions

March 02, 2010

Year after year, I seem to be paying more income taxes. I speak to colleagues, they claim expenses and they always receive larger tax refunds. I earn six figures for a large IT company. Is my tax preparer missing deductions? What can I do to reduce my taxes?

Selling off shares to make RRSP contributions

February 23, 2010

Fortunately, bank and financial institution ads help us not forget March 1, 2010 is the RRSP contribution deadline for a 2009 tax deduction.

Unlocking the potential of the home renovation credit

February 16, 2010

The real estate market in many major Canadian cities has rebounded with a vengeance. Individuals can deduct the RRSP contributions and subsequently withdraw without tax consequences. However, repayments must be adhered to or there will be tax implications.

The limits of spousal RRSPs

February 02, 2010

The maximum an individual may deduct on their tax returns is limited by the RRSP deduction available for the year, regardless if it’s split with a spouse.

Retirement planning a big concern during RRSP season

January 26, 2010

As RRSP season fast approaches, retirement issues become a concern.

Consider two lists for keeping your resolutions

January 05, 2010

Money and losing weight top the list of New Year’s resolutions, but three out of four Canadians fail to keep them.

Limit holiday spending to cash

December 21, 2009

I plan to use my credit card to get me through this holiday season. Will the new credit card legislation reduce my interest rate or my ability to apply for more cards?

Tips for philanthropic Canadians

December 14, 2009

I would like to make a donation but also maximize my tax situation.

Enjoy holidays on tight budget

December 07, 2009

Finances have been difficult and going into the holiday season does not bring me a lot of joy. Can you offer some financial advice?

Donating shares to charity

November 30, 2009

Is it more advantageous to sell shares and use the funds to make a donation or donate the shares directly to charity? How much capital gains tax will I pay?

Stop-loss rules may deny claims for tax purposes

November 23, 2009

I have shares that are not reg­istered. Can I transfer the shares to my RRSP?

Clear credit card debts

November 16, 2009

Q. I have thousands invested in shares. I also have a large balance on my credit cards but always make the minimum payment. I have read that it is important for me to pay off my credit cards first. Why?

EI doesn’t cover self employed

November 09, 2009

Every month, I remit payroll deductions on behalf of two employees, my wife and I. Can she qualify for Employment Insurance benefits?

Withdrawal from RRSPs

November 02, 2009

Can I defer the tax withdrawals to 2010 tax filing, as being drawn in the first 60 days in 2010?

Limits of tax-free accounts

October 26, 2009

I am a resident and citizen of Canada. I have four grand­children who live in the U.S. Can I open Tax Free Saving Accounts for them and can it hold U.S. stocks?

Buying for investment

October 06, 2009

I plan to sell a condo soon after closing. Last week, my lawyer informed me that I would have to pay additional GST on closing. I am a little confused.

Taxes linked to value of house

September 28, 2009

My taxes increased almost 5 per cent. My supervisor lives three blocks south, yet his taxes did not increase.

Caregivers must have guidelines

September 22, 2009

Good caregivers do become very close to their charges. But there must be guidelines and controls in place to protect and benefit both parties. 

Claim renovation tax credit on 2009 filing

September 15, 2009

I would like to get some renovations done on my home. I don’t want to spend several thousand dollars and discover it does not qualify for the tax credit. Please com­ment.

Timeshares not for profit

September 08, 2009

My wife and I own a timeshare in Me­x­ico. In less than five vacations we would spend the equal cost of owning. What are average returns in this industry?

Payday loans? Just say: No way

September 01, 2009

Why are there not other alternatives for families that are hurt by the recession?

Readers weigh in on weathering the recession

August 25, 2009

Readers were asked “How are you managing in this economic environment?”

Readers on the recession

August 18, 2009

Readers were asked: How are you managing in this economic environment?

Look on the bright side

August 11, 2009

My income is fixed with very little savings. I constantly read about all the layoffs. Should I have a more optimistic approach?