Tax – Canadian

Small business tax rate reductions

Posted on October 19, 2017 by

In it’s promise to support middle class tax payers, Prime Minister Justin Trudeau, Finance Minister Bill Morneau and Small Business and Tourism Minister Bardish Chagger announced October 16, 2017 that the federal component of the corporate small business tax rate … Continue reading →

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TFSA limits 2009-2020

Posted on October 17, 2017 by

Tax Free Savings Accounts limits by year going back to the beginning of the program with Canada Revenue Agency. If you have never contributed anything you are able to retro-actively catch up $69,500. You don’t get a tax deduction for … Continue reading →

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Teacher Supply Tax Credit

Posted on October 14, 2016 by

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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Corporate Owned Life Insurance

Posted on February 2, 2013 by

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

Shared Custody – Eligible Dependent, Child Amount and Childcare Expenses

Posted on September 19, 2011 by

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