Proposed Tax Changes

As you may have heard in the news, the government is proposing tax changes that affect private corporations.  I have attended a number of town hall sessions and seminars on the proposed changes and have summarized the impacted tax planning areas: Income Splitting: Business owners currently can split income to family members to reduce the […]

Managing the final tax returns for someone who has died

Coping with the death of a loved one is difficult. There is a lot to keep in mind when managing the final tax affairs of a deceased person. The final tax return is generally filed in the same manner as when they were alive. All income up until the death of the individual must be […]

Senior’s Home Renovations Tax Credit

This credit allows a senior qualifying taxpayer to claim for expenses that have incurred during the year to improve their dwelling to a more senior friendly and approachable set up. Based on CRA’s requirements, expenses incurred must meet the eligibility criteria and only up to $10,000 can be claimed in the year. The maximum refundable […]

Child Care Expenses Limit Increase

Child Care Expenses Limit Increase: As Canada Revenue Agency’s (CRA) enhancements are coming into effect, starting 2015 the limit for child care deductions has been increased by an additional $1,000 per child which totals to $8,000 claimable child care expenses. The requirements for claiming this deduction have not changed and all criteria must be met […]

Personal Service Business (PSB)

Many consultants have the option of forming a corporation and take advantage of lower corporate tax rates compared to the highest individual tax rates. Effective year ends beginning after October 31, 2011, CRA has been reviewing as to whether an individual who is deemed to be an employee has formed a corporation for the purpose […]