June 2018
Medical expenses
Medical expenses Many of us assume we don’t have enough medical expenses to get a tax credit (the total amount of receipts must exceed a set threshold or three per cent of net income, whichever is less), but they can add up quickly. Look for things that aren’t an eligible expense under your group plan and don’t forget to include
Advantages of income-splitting and pension-sharing
Advantages of income-splitting and pension-sharing Retired medical professionals can apply to share their Canada Pension Plan (CPP) retirement income with their partners if both are 60 years old or over. While pension sharing is not considered the same as pension income splitting, it does the same thing — putting more income in the hands of the lower-earning partner. The post-retirement
Tricks for Investing in Registered Retirement Savings Plan – RRSP
Tricks for Investing in Registered Retirement Savings Plan – RRSP One of the limitations on making deductible contributions to RRSP is your “earned income” for the preceding taxation year. The calculation of your contribution limit for the current year begins with the lesser of a fixed amount per CRA for the year and 18% of your earned income for the
Be weary if a CRA auditor insists you to sign a waiver
Be weary if a CRA auditor insists you to sign a waiver Under normal circumstances ,given there is no fraudulent activity involved, the tax department has three years to carry out a reassessment of your tax return. If time is running out on the 36-month deadline, a CRA auditor will ask you to sign a waiver allowing the agency to
Take advantage of all income-splitting and pension-sharing options
Take advantage of all income-splitting and pension-sharing options Taxpayers can apply to share their Canada Pension Plan (CPP) retirement income with their partners if both are 60 years old or over. While pension sharing is not considered the same as pension income splitting, it does the same thing — putting more income in the hands of the lower-earning partner. The
Should you still file taxes, even if you are not working?
Should you still file taxes, even if you are not working? Some low- or zero-income earners still think there’s no need to file a return. This misconception can cost thousands in lost benefits and credits like the GST/HST credit and the Canada Child Tax Benefit. More and more benefits are being distributed through the tax system these days. So, if
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