By Liz O'Dowd on July 5, 2012 
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Today the Harper government announced further adjustments to the rules for government-backed insured mortgages. “Our Government stands behind the efforts of hard-working Canadian families to save by investing in their homes and their future,” said Minister Flaherty. “The adjustments we… {Read more}
By Liz O'Dowd on June 26, 2012 Leave a comment
Child care expenses are amounts you or another person paid to have someone look after an eligible child so that you or the other person could: earn income from employment; carry on a business either alone or as an active… {Read more}
By Liz O'Dowd on June 26, 2012 Leave a comment
You should plan ahead so that you are prepared to file your tax return next yearwithout too much difficulty.One of the most important things to do during the year is to store all tax-related documents in one place. If you… {Read more}
By Liz O'Dowd on June 26, 2012 Leave a comment
The CRA guide T4060 outlines individual taxpayers’ rights for objection and appeal including: 1) It is your right to object to an assessment or reassessment if you think the law has been applied incorrectly. You must file your objection within… {Read more}
By Liz O'Dowd on June 26, 2012 Leave a comment
The CRA guide T4060 outlines individual taxpayers’ rights and obligations when they have personal taxes owing to the Government of Canada including: 1.) If balances are not paid within 30 days of the date of when a notice of assessment… {Read more}
By Liz O'Dowd on June 7, 2012 Leave a comment
The Canada Pension Plan (CPP) is a contributory, earnings-related social insurance program. It ensures a measure of protection to a contributor and his or her family caused by the loss of income due to retirement, disability and death. There are… {Read more}
By Liz O'Dowd on June 4, 2012 Leave a comment
Padgett Business Services is proud to announce that Emilie Jerome has joined us as a summer student. Emilie just completed her first year at McGill University in Montreal. She is entering her second year this fall and is working towards… {Read more}
By Liz O'Dowd on June 4, 2012 Leave a comment
Some provinces allow the “unlocking” of all or a portion of a LIRA, LIF or LRIF under certain circumstances. Some of the circumstances include: small balances in the account, under a specified threshold amount becoming non-resident of Canada shortened life… {Read more}
By Liz O'Dowd on June 4, 2012 Leave a comment
The Harper Government today announced that increased personal exemption limits for Canadian consumers are now in effect. The new limits, announced in Economic Action Plan 2012, will benefit Canadians by streamlining the processing of Canadian consumers returning to Canada. The… {Read more}
By Liz O'Dowd on June 4, 2012 Leave a comment
An RRSP is primarily intended for retirement savings. Tax assistance provided by a TFSA complements that provided through RRSPs. RRSP contributions are tax-deductible while RRSP withdrawals are added to income and taxed at regular rates. TFSA contributions are not tax-deductible… {Read more}