Teach Your Children About Financial Literacy
“Give a child a fish and she will eat for a day. Teach a child to fish and she will eat for life.” – Anon Teaching your kids about money at an early age builds a foundation for the knowledge,…
Federal Budget Commentary
Personal Income Tax Home Buyers’ Plan (HBP) The HBP allows first-time home buyers to withdraw RRSP funds without tax to purchase or build a home, repaying the funds over a 15-year period. Budget 2019 proposes to increase the HBP withdrawal…
Business and Professional Income
Accounting for your business and professional income on your personal tax return does have some complexities. However, using a professional accountant to help you navigate the return could be fruitful in the tax savings and provide piece of mind. Here are…
Caregiver Credit
Caring for someone with a physical or mental impairment who is dependent on you is challenging. The caregiver credit provides some support if you find yourself in this situation. Who Can Make the Claim? This claim is for individuals who…
Political Contributions
It’s and election year and you are likely to get solicited for a contribution. This is an ideal time to discuss your tax concerns with those running and to partake in political discussions. Being aware of the tax advantage of…
Spousal and Child Support
Separation and divorce is a challenging process and can be convoluted when it involves costs for child and spousal support. Understanding the tax treatment of how funds are distributed may have an impact on your decisions. Qualified Support Payments A…
Claiming Adoption Expenses
The adoption process is at times lengthy and costly. You can claim adoption expenses on your personal tax return. You need to be aware of the expenses that are eligible along with the adoption period. How Much Can You Claim?…
Child Care Expenses
Childcare expense deductions are considered expenses incurred by parents to allow those parents to work, carry on business attend school or a designated education institution (full time or part time) or carry on research for which a grant was received.…
First Time Homebuyers Credit
Buying your first home is an exciting milestone. While some of the financial aspects could be daunting, there is a simple credit that should be considered when filing your personal tax this year. Qualifying for the Credit The following conditions…
University and College Students Get Tax Breaks
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…