Tweet Many people use their cars for work or business and personally incur expenses in doing so. If this is your situation, you’ll want to be able to deduct those expenses against the related income. The Canada Revenue Agency has strict requirements for claiming automobile deductions that are designed to ensure that only true business-related …Read More
Tweet Income Tax Checklist Listed below are items that you should consider when preparing your income tax return: Do you have any carry over deductions from prior years such as RRSP’s, Donations, Unused tuition fees or student loan interest, Home office expenses, LSVC credits, Net Capital losses or Non Capital losses? Did you contribute to …Read More
Tweet Need a little extra cash for Christmas? Want to start on a good financial footing in 2012? Your family’s tax returns are a great place to start, because you may just find a lump of gold hiding in year end tax planning opportunities. In a volatile investment environment, being tax astute can add double …Read More
Tweet A portion of amounts received as severance pay or retiring allowance can be transferred directly to a Registered Retirement Savings Plan (RRSP), so that income tax, Canada Pension Plan premiums, and Employment Insurance premiums need not be deducted. The allowed transfer amounts are: $2,000 for each year or part year of service with the …Read More
Tweet Canada’s tax system is based on self-assessment, which means that individuals are responsible for accurately completing and filing their tax returns on time. The Canada Revenue Agency (CRA) provides Canadians with the information they need to meet their income tax obligations. See link below for link to CRA website: http://www.cra-arc.gc.ca/whtsnw/tms/lttrcmpgn-eng.html#_pubs If you have received …Read More
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