What Summer Childcare Expenses Can I Deduct?

06Summer is the best time of the year for most school-aged kids, but it’s also one of the most challenging (and expensive) times for parents.  Unless you’re sending your child(ren) off to sleepover camp the day after school ends, you are likely looking for activities to keep them busy. Thankfully, the Canada Revenue Agency (CRA)  […]

Who Can I Claim as a Dependant on my Tax Return?

The word dependant is defined as “A person who relies on another, especially a family member, for financial support”. The Canada Revenue Agency’s definition of dependant is similar but can vary for each credit. Let’s break it down by each credit. Eligible Dependant Most commonly associated with single parent families, the amount for an eligible […]

5 Surprising Ways to be Self-Employed

When you hear the phrase “I’m self-employed”, what springs to mind? Your local lawn-care company? Your chiropractor who works out of their home office? Your childcare provider? Any or all of these people could be considered self-employed and in today’s on-demand economy, there are many new versions of being your own boss which might not come right […]

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 […]

4 Tips For Students Filing A Tax Return With Free Software

If you’re a student filing your tax return, be aware that what was OK to claim last year may be not OK to claim this year. Always check with the Canada Revenue Agency’s comprehensive website for answers. The same goes for tax credits, deductions and filing requirements. For example, CRA is increasingly focusing on using […]

3 Tips For Claiming Your Medical Expenses as a Tax Deduction

Some of the most common tax questions I’ve been asked revolve around claiming medical expenses. What seems like a simple concept can lead to some complex questions. Here’s the top 3 things you should know about claiming medical expenses: 1) The Three Percent Rule Many taxpayers expect to receive a deduction for every cent they’ve […]

6 Top Missed Tax Credits and Deductions

With literally hundreds of tax credits and tax deductions available to eligible Canadian taxpayers, it can be easy to overlook one or two. Here are our top 6 most often missed tax credits and tax deductions. 1. Medical expenses Medical expenses can add up quickly in the run of a year. Everything from routine dental […]

Who are Considered Dependants?

Children are most often thought of as dependants for tax purposes, but other relatives can also qualify as dependants, usually when they live with you and need you for financial and physical support. There are a number of expenses, credits and amounts that you may be able to claim for providing care. However, one size […]

3 Things You Can Do Before Year-End to Reduce Your Income Tax

With the year coming to a close, taxes might not be top of mind. Between holiday shopping, attending staff parties, and planning a festive meal to suit your picky-eater relatives, tax planning has likely taken a backseat. No need to worry – you still have time. Here’s our list of 3 things you can do […]