Tax Tip: If I Give Cash to My Kids, Is It Tax Deductible in Canada?

Overview Canada has no gift tax, so you can give your children any amount of cash, and it is not taxable as income or deductible as an expense. In spite of this, giving away cash in your lifetime may save taxes against your estate after you die. References & Resources Financial Post: Estate Planning: Give […]

Tax Tips for Parents of Kids with Disabilities

There are many credits and benefits available for children with severe and prolonged disabilities. These can range from severe vision or hearing impairments, to autism, and mobility restrictions. In order to claim or apply for these programs and credits, the first step is to meet with your child’s doctor or other medical practitioner to discuss […]

Got kids? Get cash back at tax time

A number of new tax laws have been put in place for tax year 2015. Although no new credits for children have been announced, some existing credits have been updated or given a facelift. Here’s what new tax-wise for families this year. Children’s Fitness Credit – lines 458 and 459 Although it’s been around for […]

Your Kids Can Pay Off at Tax Time

By Sean Cooper Your kids can make you eligible for several tax-saving credits, deductions and benefits beginning in 2014. Let’s face it, raising children is an expensive proposition. From food, clothing and child care when they’re younger to education and automobiles when they get older, it can all add up by the time they fly […]

Talking to your Kids about Taxes: Young kids & Pre-teens

By Robin Taub, CPA, CA As we finally say goodbye to winter and welcome in spring, there is another short season most of us will encounter: tax season. This is the time of year when we’re busy gathering and organizing our tax information in anticipation of the April 30 filing deadline. I stay on top […]

Get the Most Out of Your Spouse, Kids and Parents at Tax Time: Maximizing Dependant and Spousal-Based Deductions

Combing over your income tax looking for every possible deduction? Don’t forget about the people around you – your family! Spouses, children, aging parents – they’re all sources of potential tax deductions that can pump up your refund. Here are some of the most common family-related deductions that you may be able to take: Spouse […]

More Credits? The Kids are All Right

How about one more post from our second annual Tax Credit Census? Many tax credits are geared towards helping kids grow up smart and healthy, and families across Canada are taking advantage of these – to varying degrees, of course. Children’s physical fitness: Calgarians may prefer their cars to the bus or bike, but their […]

Caring for kids merits tax credits

Giving kids proper care can be a costly for parents. Many parents work full time or continue their education in order to ensure they can provide financially for their families. Yet being away from home may mean they incur extra expenses in babysitters and other care providers. The CRA understands this predicament many parents face. […]

Summer Childcare – What’s tax deductible?

It’s that time of year again. Summer’s on its way. If you’re a parent, summer may bring the challenge of finding suitable childcare. Here’s a guide to which childcare expenses are allowable deductions at tax time. Daycares and Other Professional Providers Whether it’s a licensed daycare facility, nursery school, or in-home care, the fees paid […]

Does Being Married Affect Your Tax Rate in Canada?

Marriage changes your finances in many ways, including the way you file your annual tax return. Being married, or having a common-law partner, impacts your tax rate and may render you eligible to receive additional tax benefits. Rajiv Juneja, CGA in Edmonton, says that marriage allows for benefits such as “the spousal amount and transfers […]