Personal Tax List

Here is a helpful checklist to help you for your tax preparations. If you have any questions feel free to contact us at 905-629-7720. Click here to download your Personal Tax Checklist

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 […]

First Home Buyers Tax Credit

First introduced in 2009, this credit provides a benefit to a first time home buyer who has established a living in a qualifying home. The criteria of a qualifying home can be further be examined as a housing unit that is already in existence or under construction. The maximum amount that can be claimed as […]

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 […]

Tax Loss Selling

With the summer coming to an end, the fall is a time when many taxpayers look at opportunities to optimize their tax position.  One of these strategies is calledTax Loss Selling.  The strategy involves triggering a loss on a non-registered investment that’s worth less than its original cost.  If an individual has capital gains that could result […]