Category: Personal Tax
Financial planning 101: Retirement
Registered Retirement Savings Plan (RRSP) An RRSP (registered retirement savings plan) is an investment account that is registered with the Canadian government and is used as a vehicle to save for retirement. An RRSP is different than a typical investment account because it provides…
What medical expenses can I claim on my taxes in Canada?
Medical expenses can be claimed on your tax return through the Medical Expense Tax Credit (METC). The Medical Expense Tax Credit is a non-refundable tax credit (cannot bring your taxes owed above 0) which is calculated by taking the lesser of 3% of your…
How to teach your kids about money
A lot of us grew up with weird attitude towards money, often centered around not having enough, being jealous of those who did, or feeling shame for what we did have. When we become parents, we have the opportunity to undo that not only for our…
Can I Split My Pension Income?
You and your spouse are enjoying your golden years together and share pretty much everything. The CRA (Canada Revenue Agency) recognizes that sharing is caring, so they allow senior couples to split pension income. This can offer you big savings on your tax bill,…
Filing Taxes for a Senior? 7 things You Can do to Maximize Their Return
Whether you’re caring for your aging parents or just helping them with their taxes, here are some tips to keep in mind so you can both get the most back when you file your taxes. 1. Make sure they file a tax return: Sounds…