By Liz O'Dowd on January 14, 2015 
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“Soft” Loans for Your Children Parents quite often make loans to their adult children to help them purchase a car, a home, or for other reasons. A loan is different from a gift. The parent can charge interest so that… {Read more}
By Liz O'Dowd on January 14, 2015 Leave a comment
Wills and the Executor A will specifies your instructions as to how your assets will be distributed on your death. In the will, you name an executor to act as your personal representative and to deal with all the tax, investment, administrative,… {Read more}
By Liz O'Dowd on January 14, 2015 Leave a comment
Automobile expense deduction limits Finance Minister Joe Oliver announced the automobile expense deduction limits and the prescribed rates for the automobile operating expense benefit for income tax purposes that will apply in 2015. The only change for 2015 is an… {Read more}
By Liz O'Dowd on January 14, 2015 Leave a comment
Changes to the GAINS Benefit Rate Tables Benefit period: January 1, 2015 to March 31, 2015 The GAINS rate tables have been updated to provide a ready reference of OAS/GIS/GAINS payments at specified levels of private income, depending on a senior’s… {Read more}
By Liz O'Dowd on January 14, 2015 Leave a comment
Harper Government cracks down on international tax evasion and aggressive tax avoidance with launch of Electronic Funds Transfer Initiative January 7, 2015 – Ottawa, Ontario – Canada Revenue Agency The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National… {Read more}
By Liz O'Dowd on January 14, 2015 Leave a comment
Are you 65 or older? Claim your benefits and credits Did you know? There are several benefits and credits designed for seniors. Age amount – You can claim this amount if you were 65 years of age or older on… {Read more}
By Liz O'Dowd on January 5, 2015 Leave a comment
Under proposed changes, the maximum amount of eligible fees for each child has increased to $1,000.
By Liz O'Dowd on January 5, 2015 Leave a comment
For 2014 and subsequent years, the budget proposes a new non-refundable tax credit, based on an amount of $3,000, for certain search and rescue volunteers. The SRVTC will be calculated by multiplying the lowest personal income tax rate for the… {Read more}
By Liz O'Dowd on January 5, 2015 Leave a comment
Under Canada’s tax system, federal personal income tax rates increase with the level of taxable income of the individual. As a result, a couple in which one individual has a higher taxable income than the other often pays more federal… {Read more}
By Liz O'Dowd on January 5, 2015 Leave a comment
Under proposed changes, this benefit is being increased for children under age six. Effective January 1, 2015, parents will be eligible for a benefit of $160 per month for each eligible child under the age of six – up from… {Read more}