By Liz O'Dowd on March 1, 2013 
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The Home Buyer’s Plan (HBP) allows you to borrow funds from your RRSP to buy or build a qualifying home, if you or your spouse or common-law partner have not owned a home which you occupied as your principal residence… {Read more}
By Liz O'Dowd on March 1, 2013 Leave a comment
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}
By Liz O'Dowd on March 1, 2013 Leave a comment
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}
By Liz O'Dowd on March 1, 2013 Leave a comment
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}
By Liz O'Dowd on March 1, 2013 Leave a comment
The type of income tax returns you have to file will depend on whether your business is incorporated. If you have an incorporated business, you must complete a corporate (T2) tax return for the business, and you must also complete… {Read more}
By Liz O'Dowd on February 14, 2013 Leave a comment
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}
By Liz O'Dowd on February 14, 2013 Leave a comment
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}
By Liz O'Dowd on February 14, 2013 Leave a comment
Canadians file more than 26 million individual income tax and benefit returns each year, and all are electronically analyzed. Based on this analysis, CRA selects certain returns for review because they are high-risk. Other returns are selected based on a… {Read more}
By Liz O'Dowd on February 14, 2013 Leave a comment
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}