Being aware of the tax advantage of making political contributions may help you in deciding if and how much you wish to contribute to a candidate or party. Eligible Amount of Contribution The amount that is eligible for a tax…
“There are those… who enter the world in such poverty that they are deprived of both the means and the motivation to improve their lot. Unless these unfortunates can be touched with the spark which ignites the spirit of individual…
Going to University or College – or sending your kids there is expensive. To make this more affordable, consider some of these tax breaks to reduce the taxes that you may owe. Even if this credit is not of value…
CRA will issue T4As to COVID-19 CERB and CRB recipients Canadians will begin receiving T4A slips from the CRA for these benefits to support their tax filing. The T4A is virtually identical to the T4 slips Canadians are used to receiving from…
If your family day includes children, remember to take advantage of childcare expenses this tax filing year. Childcare expense deductions are considered expenses incurred by parents to allow those parents to work, carry on business, attend school or a designated…
Relationships are important to consider when you plan for taxes and your accountant is a great source for relationship advice. Relationships will determine how transactions are interpreted by the tax authorities and determine how tax accounts must be shares and…
The disability tax credit is a non-refundable tax credit that helps persons with disabilities or their supporting persons reduce the amount of tax they have to pay. The amount includes a supplement for persons under the age of 18 years…
Documentation of your medical expenses are important to support your claims. While this could be a significant non-refundable credit, CRA does often request support for this deduction. Whose expenses can you claim? You can claim medical expenses that are eligible…
Deductions for Parents Kids are expensive – however you can recoup some of these costs via tax savings when filing your personal returns. Get credit for being a parent. Here are some tips to save on tax if you have…
If you are a senior, you are eligible for several tax credits that should be considered when filing your personal tax return. Use the wisdom that comes with age and take advantage of the benefits. Age Amount Credit If you…