Teacher Supply Tax Credit

Budget 2016 proposes to introduce a teacher and early childhood educator school supply tax credit for 2016 and subsequent taxation years. This measure will allow an employee who is an eligible educator to claim a 15% refundable tax credit based … Continue reading

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Family Tax Cut

Available to claim on your 2014 tax return, the Family Tax Cut will provide up to $2,000 in tax relief for couples with children under the age of 18. This initiative allows a higher income spouse to effectively transfer up … Continue reading

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Corporate Owned Life Insurance

A corporation may own life insurance to: -fund a buy/sell agreement -as collateral for a loan -to cover the loss of a key employee -paying tax at death -to cover losses incurred as a result of a key employee or … Continue reading

Posted in 2013 Canadian Tax Tips, BLOG, Financial Planning, Tax - Corporate | Leave a comment

IRA Basics

IRA – U.S. “Individual Retirement Account” opened on your own vs a 401K opened by your employer. Traditional IRA – Deductible from your income on your tax return under certain conditions if your age is less than 70 1/2. Roth … Continue reading

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2012 Family Caregiver Amount

New for 2012 Canada Revenue Agency has announce the Family Caregiver Amount. It is a 15 per cent non-refundable tax credit on an amount of $2,000 that provides tax relief to caregivers of infirm dependant relatives. This includes, for the … Continue reading

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April 1, 2013 Reinstatement of BC PST

The British Columbia provincial sales tax (PST) is returning on April 1, 2013. Remember to apply for a new PST number even if you were registered prior to BC HST. Most of the old regulations apply. Go to online. … Continue reading

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Shared Custody – Eligible Dependent, Child Amount and Childcare Expenses

In shared custody situations each parent can claim one eligible dependent amount and one child amount non-refundable tax credit.   Therefore one child each year per parent.  If they can’t agree who takes which child then nobody gets the deductions.  The … Continue reading

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Apprentice Tax Tips – Employers and Employees

Apprentice Tax Tips for Employers and Employees Continue reading

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US Citizen living in Canada or abroad tax implications

As a US Citizen residing in Canada or another foreign country you may not be aware of the US IRS tax implications you face.  You are required to report your personal world wide income on your US personal 1040 tax … Continue reading

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Life changes that can affect your 2010 taxes

Selling the family home? Give thought to how to deal with the proceeds of the sale of a personal residence to go into a rental or care facility situation. 1) Consider the implications of additional investment income – loss of … Continue reading

Posted in 2010 Canadian Tax Tips | Leave a comment