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}
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 Peter Kupovics on April 16, 2014 Leave a comment
The Canada Revenue Agency (CRA) is taking action to stop various schemes used by people to claim unwarranted goods and services tax/harmonized sales tax (GST/HST) refunds. If you are thinking about participating in such a scheme, you should know that… {Read more}
By Peter Kupovics on April 10, 2014 Leave a comment
You can claim eligible moving expenses if your new residence is at least 40 km (by the shortest public route) closer to your new place of work. These expenses are only deductible against the employment or self-employment income that you… {Read more}
By Peter Kupovics on April 4, 2014 Leave a comment
Know your Canadian tax obligations Did you know? If you spend part of the year in the United States (U.S.), for example, for health reasons or on vacation, and you maintain residential ties in Canada (that is, a home, a… {Read more}
By Liz O'Dowd on March 20, 2013 Leave a comment
You may have to pay tax by installments if you earn income for more than one year from which no tax was withheld. You may also have to pay tax by installments if not enough tax was withheld. This can… {Read more}
By Liz O'Dowd on December 21, 2012 Leave a comment
When a taxpayer has a spouse or common law partner and the combined donations are greater than $200, the donations for both spouses should usually be combined and claimed on one tax return. Check your tax return carefully in relation… {Read more}
By Liz O'Dowd on December 21, 2012 Leave a comment
The Ministry of Finance has stated that businesses are not required by the government to reprogram their cash registers, but they may choose to update their cash registers to automatically calculate rounding for cash transactions and to provide greater transparency… {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 June 26, 2012 Leave a comment
You should plan ahead so that you are prepared to file your tax return next yearwithout too much difficulty.One of the most important things to do during the year is to store all tax-related documents in one place. If you… {Read more}