Having a baby If you have a new baby or have a baby on the way, there are plenty of credits and benefits you may be entitled to receive. Explanations of these benefits are provided below. Canada child tax benefit… {Read more}
Tag: small business
Personal Tax forms
TD1 forms for Employees and Pensioners The TD1 forms for 2015 are now available from Canada Revenue Agency. If there have been changes which will affect your tax exemptions you should ensure that you complete these forms so that your… {Read more}
RRSP Contributions
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}
Eligible deductions & credits
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}
Tax planning issues
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}
Give your child a part of there inheritance early
“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}
Responsibilities of the executor to your will
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}
Government Announces 2015 Automobile Deduction Limits and Expense Benefit Rates for Business
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}
2015 GAINS Benefit Rate
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}
Crack down on international tax evasion
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}