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,… {Read more}
Category: Just for Fun
Student savings – Eligible moving expenses
Claim your eligible moving expenses If you moved for your post-secondary studies and you are a full-time student, you may be able to claim moving expenses. These expenses can only be deducted from the part of your scholarships, fellowships, bursaries, certain prizes, and… {Read more}
Students Savings – Education amount
Claim the education amount As a full-time student (or a part-time student who can claim the disability amount or has a certified mental or physical impairment), you can claim $400 for each month you were enrolled in an educational institution. As a… {Read more}
Life events that impact your taxes – Having a baby
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}
Are you financially responsible?
Planning for your financial future Did you know? November is Financial Literacy Month. Financial literacy means having the knowledge, skills and confidence to make responsible financial decisions at any stage of your life. Everyone can benefit from improved financial literacy,… {Read more}
Get CRA social media savvy
Social media has always been a great way to keep in touch with family and friends, but now it’s a convenient way to get information on taxes and on government programs. Canada Revenue Agency social media channels can help you… {Read more}
Registered Educational Savings Plan (RESP)
A RESP is a savings plan for post-secondary education which allows funds to accumulate on a tax-deferred basis up to certain limits. There is no annual limit for contributions. For each beneficiary the lifetime limit on contributions is $50,000. Although… {Read more}
Personal Tax Returns Processed by CRA
Canadians file more than 26 million individual income tax and benefit returns each year, and all are electronically analyzed. Based on this analysis, CRA selects certain returns for review because they are high risk. Other returns are selected based on… {Read more}
Should You Incorporate Your Business
Should You Incorporate Your Business? If you own a business you may have wondered:Historically the income tax system in Canada has benefited incorporated Canadian small businesses.Although the income and deduction calculations are almost identical to an unincorporated business, the… {Read more}
Charities facts and figures
The number of registered charities continued to grow in 2012. As of December 31, 2012, there were 86,159 registered charities, up from 85,923 on December 31, 2011. Charity Type Total Poverty 18,645 Education 13,924 Religion 33,494 Other purposes beneficial to… {Read more}