Section 86 of the Canadian Income Tax Act deals with the tax consequences of certain types of corporate reorganizations, specifically, when a shareholder exchanges shares of one corporation for shares of another corporation, or when a corporation transfers its assts…
A business valuation is often required to determine the value of individual assets or an entire business. The approach used to value a business will depend on what is being valued. The most common reasons for business valuation are to…
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…
Separation and divorce are 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…
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…
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?…
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…
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…