Did you know? Filing your tax return and paying what you owe on time helps you avoid possible interest and penalty charges, and ensures that your benefits won’t be delayed. Filing online is the fastest and easiest way to send… {Read more}
Category: Tax Alerts
Eligible Dependant
An individual may claim, under certain circumstances, the “amount for an eligible dependent” (equivalent to spouse) tax credit for a dependent child, or other dependent relatives, on line 305 of the tax return. The equivalent to spouse tax credit is… {Read more}
Non-Taxable Income
Amounts which are not required to be included in income for tax purposes, so are not reported on a personal tax return, include: Guaranteed Income Supplements (GIS) for Canadian seniors, and the Allowance GST/HST credits Canada child tax benefit payments… {Read more}
Child Care Costs
Line 214 Child Care Expenses Child care costs are not claimed as a non-refundable tax credit, but as a deduction from income on line 214 of the personal tax return. A non-refundable tax credit is always at the lowest tax… {Read more}
Are you 65 or older?
Did you know? There are several benefits and credits designed for seniors. Important information for seniors Age Amount – You can claim this amount if you were 65 years of age or older on December 31, 2012, and your net… {Read more}
Transfer or Carry-Forward of Unused Tuition, Education or Textbook Amounts
If you do not have enough income to utilize your total tuition costs, education amount or textbooks amount, you can either carry forward these amounts to future years (no limit to carry-forward period), or you can transfer the costs to… {Read more}
Line 315 Caregiver Amount Tax Credit
Tax credit may be available if parent or grandparent (over 65) lives with you, even if they are not your dependent. If, at any time in the tax year, you (either alone or with another person) maintained a dwelling and… {Read more}
Historic Investment Returns
The Canadian Consumer Price Index has been quite stable since 1992. In the 30 years from 1963 to 1992, the average annual increase (inflation rate) was 5.7%. During that time, there were 5 years where the inflation rate was over… {Read more}
Remitting GST/HST on Taxable Benefits
Did you know that GST/HST must be remitted on a taxable benefit unless the benefit is tax exempt or zero-rated, for example the benefit on low-interest loans? An example of a tax benefit that is not exempt includes the automobile… {Read more}
December 15 quarterly instalment payment – you can pay online!
Did you know? If you earn income that has no tax withheld or does not have enough tax withheld for more than one year, you may have to pay tax by installments. This can happen if you earn rental, investment,… {Read more}