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 February 5, 2013 Leave a comment
Did you know? If you were an employed trades person in 2012 (including an eligible apprentice mechanic), you may be able to deduct up to $500 of the cost of eligible tools bought to earn your employment income. Important facts… {Read more}
By Liz O'Dowd on December 6, 2012 Leave a comment
Did you know…? As part of a Government of Canada initiative to continuously improve how it offers online services, the Canada Revenue Agency (CRA) is now offering a second login option. In addition to the CRA user ID and password,… {Read more}
By Liz O'Dowd on December 6, 2012 Leave a comment
The dividend tax credit is a non-refundable tax credit which applies when Canadian dividends are included in income. Foreign dividends do not qualify for the dividend tax credit. Both dividend tax credits are claimed on Line 425 on Schedule 1… {Read more}
By Liz O'Dowd on December 6, 2012 Leave a comment
The basic rules relating to tax-free savings account include the following: Contributions can be made by Canadian residents aged 18 or over Up to $5,000 per year can be contributed, with unused contribution room being carried forward. The $5,000 annual… {Read more}