Foreign Income Verification Statement (Form T1135)
Canada Revenue Agency announced a change to form T1135 Foreign Income Verification Statement for taxation years ending after June 30, 2013. The purpose of this move is to crack down…
Medical expenses for tax purposes
An individual may claim a medical expense tax credit for the amount determined by the formula in subsection 118.2(1) in Income Tax Act. Under the formula, the lowest tax rate…
Home office expense against employment income
Some employees are allowed to deduct home office expenses on their tax returns if employers allowed and complete T2200 form, declaration of condition of employment expenses. You can include a…
Keeping track of vacation property cost
When selling a vacation home, the gain on that property may be taxable in the future. It is important to keep track of the cost to acquire the property; the…
Rental Income as ABI
Can rental income be claimed as Active Business Income (ABI)? In most cases, income from the property will be considered as passive income and would not qualify for a small…
RRSP Vs. TFSA – Which One is Right For You?
First, let's determine the difference between the two - RRSPs – intended specifically as a retirement savings plan· Contributions are tax deductible· Maximum contribution: 18% of earned income or $22,970· Cashed RRSPs treated…