By Liz O'Dowd on December 6, 2012 
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Did you know…? As part of a Government of Canada initiative to continuously improve how it offers online services, the Canada Revenue Agency (CRA) is now offering a second login option. In addition to the CRA user ID and password,… {Read more}
By Liz O'Dowd on December 6, 2012 Leave a comment
The dividend tax credit is a non-refundable tax credit which applies when Canadian dividends are included in income. Foreign dividends do not qualify for the dividend tax credit. Both dividend tax credits are claimed on Line 425 on Schedule 1… {Read more}
By Liz O'Dowd on December 6, 2012 Leave a comment
The basic rules relating to tax-free savings account include the following: Contributions can be made by Canadian residents aged 18 or over Up to $5,000 per year can be contributed, with unused contribution room being carried forward. The $5,000 annual… {Read more}
By Liz O'Dowd on November 30, 2012 Leave a comment
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 outstanding shareholder loans and pay interest on… {Read more}
By Liz O'Dowd on November 30, 2012 Leave a comment
You can use your 2012 capital losses to reduce your current year’s income taxes by applying such losses against your 2012 capital gains. You must however be careful of the superficial loss rules preventing you from claiming a capital loss… {Read more}
By Liz O'Dowd on November 30, 2012 Leave a comment
You can make use of the lifetime $750,000 capital gains deduction if you dispose of shares in a qualified small business corporation, a qualified farm property, or a qualified fishing property. If you have already claimed the $100,000 personal capital… {Read more}
By Liz O'Dowd on November 30, 2012 Leave a comment
If you pay the following expenses by December 31, 2012 they will be eligible for the deductions of credits: Childcare expenses Deductible support payments Charitable donations Union and professional dues Moving expenses Political donations Accounting fees Medical expenses Investment counsel… {Read more}
By Liz O'Dowd on November 30, 2012 Leave a comment
The most popular tax tool available to taxpayers is investing in a registered 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 a contribution… {Read more}
By Liz O'Dowd on November 9, 2012 Leave a comment
Financial Literacy Month is an opportunity to raise awareness on the importance of acquiring life skills that can allow Canadians to act knowledgeably and with confidence when managing their personal financial affairs commented Minister Menzies. The Canadian Government is committed… {Read more}
By Liz O'Dowd on November 7, 2012 Leave a comment
The 2012 federal budget extended the hiring credit for small business (HCSB), a one-time credit intended to stimulate new employment and support small businesses. The HCSB provides small businesses relief from the employer’s share of employment insurance (EI) premiums paid… {Read more}