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.…
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…
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…
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…
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…
tax planning
Automobile Taxable Benefits
Employee's benefit Report the value of the benefit including the GST/HST that applies in box 14, "Employment income," and in the "Other information" area enter code 34 at the bottom of the employee's T4…