Rental Income Tax Return
Reporting rental income tax returnReport rental income on tax return if, during the year, you received rental income from a real property. For personal tax return, rental income and expenses…
Employment Expenses
If your employer requires you to pay expenses to earn employment income, under certain conditions, you may be eligible to deduct employment expenses. Allowable employment expenses will be reported on…
Taxable Benefits – Work Clothing
Uniforms are not a taxable benefit if the purpose is to protect the employee from the job hazards or are distinctive uniform such as identifying the employer. If it does…
2020 TFSA Limit
For 2020 TFSA annual limit is $6,000. Someone who never contributed to TFSA and is eligible the total contribution limit room is $69,500. Return on the investment inside the TFSA…
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…
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…