By Liz O'Dowd on February 2, 2015 
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Claim the textbook amount Claim this amount only if you are entitled to claim the education amount. You can claim: $65 for each month you qualify for the full-time education amount. Enter this amount on line 7 of Schedule 11; or $20… {Read more}
By Liz O'Dowd on February 2, 2015 Leave a comment
Minister Findlay named CFIB’s 2015 Golden Scissors Award winner Government of Canada continues to champion red tape reduction for the benefit of small business January 23, 2015 – Vancouver, BC – Canada Revenue Agency The Canadian Federation of Independent Business… {Read more}
By Liz O'Dowd on February 2, 2015 Leave a comment
Life events can have an impact on your taxes If your marital status changes, it’s important to let the Canada Revenue Agency (CRA) know as soon as possible. Getting married Change your marital status – You can change your marital status… {Read more}
By Liz O'Dowd on February 2, 2015 Leave a comment
Life events can have an impact on your taxes If your marital status changes, it’s important to let the Canada Revenue Agency (CRA) know as soon as possible Getting divorced Change your marital status – If your marital status changes… {Read more}
By Liz O'Dowd on February 2, 2015 Leave a comment
Life events can have an impact on your taxes Having a baby If you have a new baby or have a baby on the way, there are plenty of credits and benefits you may be entitled to receive. Applying is… {Read more}
By Liz O'Dowd on February 2, 2015 Leave a comment
Having a baby If you have a new baby or have a baby on the way, there are plenty of credits and benefits you may be entitled to receive. Explanations of these benefits are provided below. Canada child tax benefit… {Read more}
By Liz O'Dowd on January 14, 2015 Leave a comment
TD1 forms for Employees and Pensioners The TD1 forms for 2015 are now available from Canada Revenue Agency. If there have been changes which will affect your tax exemptions you should ensure that you complete these forms so that your… {Read more}
By Liz O'Dowd on January 14, 2015 Leave a comment
CONTRIBUTE TO YOUR RRSP The most popular tax tool available to taxpayers is investing in a retirement saving plan(RRSP) Contributions to RRSP’s are tax deductible and the income earned within the plan grows tax deferred until retirement. You can claim… {Read more}
By Liz O'Dowd on January 14, 2015 Leave a comment
ELIGIBLE DEDUCTIONS & CREDITS If you pay the following expenses by December 31, 2014 they will be eligible for the deductions or credits: Childcare expenses Deductible support payments Charitable donations Union and professional dues Moving expenses Political donations Accounting fees Medical expenses… {Read more}
By Liz O'Dowd on January 14, 2015 Leave a comment
Consider the following when making your tax plans Consider a Registered Education Savings Plan (RESP) for your children. Set up a Tax Free Savings Account (TFSA). Review your December income tax installment. Make a low interest loan to your spouse. Repay… {Read more}