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…
From Retirement to Pensions and Old Age Security There are varying sources of income you may receive in your retirement years. Understanding these sources and how amounts are calculated will help you plan for the related taxes due on this…
Investments held outside of Canada require additional reporting in your personal as well as corporate tax filings. If at any time in the year, you have invested more than $100,000 outside of Canada that the CRA would consider to be…
Receive Funds Without Having to Pay Tax While generally you need to consider the tax implications when you receive funds. Here are some areas where funds can be considered tax free. These are a few gems still available to the…
Selling your home should be a tax-free occurrence, however there are certain reporting criteria that need to be met. If not filed, you could face $8,000 in penalties. Disclosure Required New rules effective for the 2016 and later tax filing…
Don’t get penalized for not reporting a sale or change in use. When you sell your home, usually you do not have to pay tax on any gain from the sale if you claim the principal residence exemption. However, there…