Pension Income Splitting
What is pension income splitting? A tax payer can be able to elect jointly with his/her spouse or common-law partner to split eligible pension income as long as meet all…
Small business bookkeeping Services
BC Minimum Wage
B.C. is raising the province's minimum wage to 15.20 by 2021. Also, by Jun 2018, minimum wage will be $12.65. For more information read here
Tutoring Services Eligible for Medical Expenses
Tutoring services Income Tax Act Section 118.2(2)(l.91) provides that eligible medical expenses may include amounts paid as remuneration for tutoring services provided to a patient where the following conditions are satisfied:…
2016 New Tax Credit for Eligible School Teachers
2016 New Tax Credit for Eligible School Teachers There is a new refundable tax credit for 2016 and beyond: the Eligible Educator School Supply Tax Credit. If you are…
tax planning
Elimination of the Federal Education and Textbook Tax Credits – 2017
Education and Textbook Tax Credits Budget 2016 proposes to eliminate the federal education and textbook tax credits effective January 1, 2017. This measure does not eliminate the tuition tax credit.…
Fitness tax credit
Children’s Fitness and Arts Tax Credits
Budget 2016 proposes to phase out the children’s fitness and arts tax credits: - Effective for the 2016 taxation year, the maximum eligible amount per child will be reduced to…
Canada Child Tax Benefit
How to receive Canada child benefit?
In order to receive Canada child benefit (CCB) you have to file your 2015 and any other outstanding tax returns as soon as possible. What is CCB? The CCB is…
2016 Federal budget
2016 federal budget proposes to keep the small business tax rate at 10.5 % after 2016. As a result, the budget also proposes to maintain the dividend gross-up rate at 17% and…
Rental Income Tax Issues
How to Prepare Rental Income Tax Return
Rental Income Tax Return Rental income is an income you earn from renting a property you own. Rental income is a great source of secondary income and helpful to pay…