By Liz O'Dowd on January 14, 2015 
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CONTRIBUTE TO YOUR RRSP The most popular tax tool available to taxpayers is investing in a retirement saving plan(RRSP) Contributions to RRSP’s are tax deductible and the income earned within the plan grows tax deferred until retirement. You can claim… {Read more}
By Liz O'Dowd on January 14, 2015 Leave a comment
ELIGIBLE DEDUCTIONS & CREDITS If you pay the following expenses by December 31, 2014 they will be eligible for the deductions or credits: Childcare expenses Deductible support payments Charitable donations Union and professional dues Moving expenses Political donations Accounting fees Medical expenses… {Read more}
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
“Soft” Loans for Your Children Parents quite often make loans to their adult children to help them purchase a car, a home, or for other reasons. A loan is different from a gift. The parent can charge interest so that… {Read more}
By Liz O'Dowd on January 14, 2015 Leave a comment
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, investment, administrative,… {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 Liz O'Dowd on January 14, 2015 Leave a comment
Changes to the GAINS Benefit Rate Tables Benefit period: January 1, 2015 to March 31, 2015 The GAINS rate tables have been updated to provide a ready reference of OAS/GIS/GAINS payments at specified levels of private income, depending on a senior’s… {Read more}
By Liz O'Dowd on January 14, 2015 Leave a comment
Harper Government cracks down on international tax evasion and aggressive tax avoidance with launch of Electronic Funds Transfer Initiative January 7, 2015 – Ottawa, Ontario – Canada Revenue Agency The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National… {Read more}
By Liz O'Dowd on January 14, 2015 Leave a comment
Are you 65 or older? Claim your benefits and credits Did you know? There are several benefits and credits designed for seniors. Age amount – You can claim this amount if you were 65 years of age or older on… {Read more}
By Liz O'Dowd on January 5, 2015 Leave a comment
Under proposed changes, the maximum amount of eligible fees for each child has increased to $1,000.