By Liz O'Dowd on February 5, 2013 
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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}
By Liz O'Dowd on November 30, 2012 Leave a comment
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 outstanding shareholder loans and pay interest on… {Read more}
By Liz O'Dowd on November 30, 2012 Leave a comment
You can use your 2012 capital losses to reduce your current year’s income taxes by applying such losses against your 2012 capital gains. You must however be careful of the superficial loss rules preventing you from claiming a capital loss… {Read more}
By Liz O'Dowd on November 30, 2012 Leave a comment
You can make use of the lifetime $750,000 capital gains deduction if you dispose of shares in a qualified small business corporation, a qualified farm property, or a qualified fishing property. If you have already claimed the $100,000 personal capital… {Read more}