tax planning
Eligible and Non-eligible Dividends
Eligible dividends An eligible dividend is any taxable dividend paid to a resident of Canada by a Canadian corporation that is designated by that corporation to be an eligible dividend.…
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…
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:…
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…
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…
Tax planning strategies are available to minimize taxes from automobile taxable benefit and auto allowance
Automobile Taxable Benefit
Per-kilometre allowance rates that CRA does not consider reasonable If you pay your employee an allowance based on a per-kilometre rate that we do not consider reasonable because it is either…