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Check out our Tax Tips with The Mad Accountant
TTT: Tax Implications of Insurance Payouts
Did your property or business get affected by the tornado? I'm very sorry to hear if it did. Many people are receiving insurance payouts, but it's important to make sure you claim everything properly on your taxes next year!
TTT: CERB — Are You On the Hook?
Lots of people claimed CERB when they weren't really eligible, especially in the early days of the pandemic. Unfortunately, the CRA wants their money back.
TTT: Cash Payout? Look Out!
Lots of people are getting really big payouts from their pensions, divorces, inheritances, and other places these days. Did you know that many of these payouts are taxable, and are often not taxed nearly enough at the source?


