Tax Tips

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

Posted in 2016 Canadian Tax Tips | Leave a comment

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

Posted in 2014 Canadian Tax Tips | Leave a comment

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

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

Posted in 2012 Canadian Tax Tips, BLOG | Leave a comment

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 gov.bc.ca/etaxbc/register online. … Continue reading

Posted in 2013 Canadian Tax Tips, BLOG | Leave a comment

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

Posted in 2010 Canadian Tax Tips, 2011 Canadian Tax Tips, Tax - Canadian, Tax Tips | Leave a comment

Apprentice Tax Tips – Employers and Employees

Apprentice Tax Tips for Employers and Employees Continue reading

Posted in 2011 Canadian Tax Tips, BLOG, Tax - Canadian, Tax - Corporate, Tax - Personal, Tax Tips | Leave a comment

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

Investment income tips for 2010

Capital gains and dividend income are treated differently than other types. 2010 MARGINAL TAX RATES (for various types of investments) Non- Other      Capital    Eligible    Eligible Income   Gains      Dividends Dividends 20.06%   10.03%   -12.59%  4.16%     first $35,859.00 22.70%   11.35%   -8.79%  7.46%     $35,859.00 … Continue reading

Posted in 2010 Canadian Tax Tips | Leave a comment

Making the most of retirement income for 2010

Work Pensions Choosing the right option – The choice between whether your spouse will receive any or a certain percent of your pension benefits needs careful consideration.  Basically it is a life insurance decision and it might make more sense … Continue reading

Posted in 2010 Canadian Tax Tips | Leave a comment