Tuesday, August 22, 2017
You may have heard about the recent consultation paper that was released by the Department of Finance on July 18, 2017. It addressed tax planning through the use of private corporations, specifically including, among other things, income splitting and holding passive investments within a private...
Thursday, September 8, 2016
In a previous post, we provided information in regards to the above grant. Budget 2016 announced that the program was being expanded so that children born in 2006 can apply for the grant as well. It is expected that parents, grandparents and families of these children will be able to start applying...
Friday, December 18, 2015
If you are 65 years of age or older or are eligible to claim the disability tax credit and are planning on renovating your home in order to improve accessibility within your home, you may want to consider holding off until 2016. For 2016 and subsequent tax years, there will be a non-refundable tax...
Tuesday, December 15, 2015
BC Training and Education Savings Grant (BCTESG)   Just a reminder for families with children born on or after January 1, 2007, the government of BC will contribute $1,200 into an RESP to eligible children. To be eligible: The child must be born in 2007 or later The parent and child must be...
Friday, December 11, 2015
The rules related to transportation and travel expenses eligible for a medical tax credit are often misunderstood. As per Income Tax Folio S1-F1-C1, Medical Expense Tax Credit "an amount paid to a person engaged in the business of providing transportation services is an eligible medical expense to...
Wednesday, November 4, 2015
With many post-secondary students starting school in September, now is a great time to go over the tax rules that may specifically relate to them. Students can benefit from various deductions and credits, and some credits are also available for transfer to parents who often help to pay for the...
Thursday, October 15, 2015
Now that it is fall, and the kids are back in school, you may be getting ready to deal with the pile of papers that built up over the summer. Before you start going through them, it might be a good time to refresh on what can be claimed in terms of the summer camps, and fitness and arts programs...