The Canada Learning Bond (CLB) is part of the Canadian RESP program. Actually the CLB is a grant. The big difference between this grant and the regular RESP grants is that no contribution is required. Once you qualify, you apply,… {Read more}
Category: Small Biz Advice
When is a T4 Slip Required?
Employment income paid to an individual by an employer is reported based on the date it is paid, not earned. As an example, if a pay cheque dated in January covers income earned in the last days of December, that… {Read more}
Public Transit Facts
Do you routinely use public transit? You might be eligible to claim a special tax credit for transit passes purchased in 2013 on your personal income tax return. The public transit tax credit is available for transit passes used in… {Read more}
Common Mistakes on your Tax Return
Canada’s tax system is based on self-assessment. This means that individuals voluntarily complete an income tax return to report their annual income and claim all deductions or credits that apply to their situation. In this way, you are able to… {Read more}
Common Filing Errors – Public Transit
Daily passes or tickets are not eligible. Passes of less than a month in duration are only eligible if they entitled you to unlimited travel for an uninterrupted period of at least 5 days and you purchased enough of these… {Read more}
Common Filing Errors – Interest paid on student loans
Only interest paid on a loan made to you under the Canada Student Loans Act, the Canada Student Financial Assistance Act, or a similar provincial or territorial government laws for post-secondary education qualifies. You cannot claim interest paid on any… {Read more}
Claiming Automobile Expenses
One of the more common expenses claimed by taxpayers are automobile expenses (applies to any motor vehicle such as van, bus, pickup truck, station wagon, SUV or other truck). Many individuals use their automobile for work or business and incur… {Read more}
It’s so easy to pay your taxes
The Canada Revenue Agency (CRA) offers online payment methods that make paying taxes as easy as paying your hydro or phone bill. Payment methods There are several ways to make a payment to the CRA. Online banking: Use your financial… {Read more}
Caring for dependants? Depend on the family caregiver amount
Did you know? If you have a dependant with a physical or mental impairment, you could be eligible to claim up to an additional $2,040 in certain non-refundable tax credits. Important facts The family caregiver amount (FCA) helps Canadians with… {Read more}
Do you have to file a return?
You must file a return for 2013 if any of the following situations apply: You have to pay tax for 2013 We sent you a request to file a return You and your spouse or common-law partner elected to split… {Read more}