By Peter Kupovics on April 16, 2014 
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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}
By Peter Kupovics on April 12, 2014 Leave a comment
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}
By Peter Kupovics on April 10, 2014 Leave a comment
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}
By Peter Kupovics on April 9, 2014 Leave a comment
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}
By Peter Kupovics on April 2, 2014 Leave a comment
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}
By Peter Kupovics on April 2, 2014 Leave a comment
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}
By Peter Kupovics on March 28, 2014 Leave a comment
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}
By Peter Kupovics on March 27, 2014 Leave a comment
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}
By Peter Kupovics on March 26, 2014 Leave a comment
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}
By Peter Kupovics on March 25, 2014 Leave a comment
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}