By Liz O'Dowd on February 14, 2013 
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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 there… {Read more}
By Liz O'Dowd on February 14, 2013 Leave a comment
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}
By Liz O'Dowd on February 5, 2013 Leave a comment
When foreign amounts, including income, expenses, and foreign taxes paid, are reported on your Canadian personal income tax return, they must be reported in Canadian dollars. The foreign exchange rate used to convert the foreign currency transaction into Canadian dollars… {Read more}
By Liz O'Dowd on February 5, 2013 Leave a comment
The following graphs and tables provide statistics on the number of T1 tax returns processed at the Canada Revenue Agency (CRA) during the 2012 tax-filing season; the total number, amount, and average refund by cheque or by direct deposit; the… {Read more}
By Liz O'Dowd on February 5, 2013 Leave a comment
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}
By Liz O'Dowd on February 5, 2013 Leave a comment
A taxpayer who is entitled to the spousal tax credit for his/her spouse or common-law partner may include all of the spouse’s dividends from taxable Canadian corporations in his/her income. This option is only available if doing so will allow the… {Read more}
By Liz O'Dowd on August 2, 2012 Leave a comment
During your summer vacation this year, will you be visiting any of Canada’cities, national parks, or world-class tourist destinations, or will you be enjoying the simple pleasure of lounging by the local pool? Wherever your summer vacation takes you, make… {Read more}
By Liz O'Dowd on August 2, 2012 Leave a comment
The most common deductions that apply to students are moving expenses and child care expenses. Moving Expenses You can deduct moving expenses if you move to attend courses as a full-time student or if you moved to start a new… {Read more}
By Liz O'Dowd on August 2, 2012 Leave a comment
A tax return must be filed if you have to pay income taxes. A tax return must also be filed if you have not repaid all amounts withdrawn from your RRSP under the Home Buyers’ Plan or the Lifelong Learning… {Read more}
By Liz O'Dowd on August 2, 2012 Leave a comment
Wages paid to some shareholders and family members are not insurable, and these employees cannot collect employment insurance benefits. a. You may not have to pay EI premiums for employed family members. The Employment Insurance Act S. 5(2)(i) states that… {Read more}