Category: Personal Tax

This is one of the Most Commonly Missed Tax Credits. Can You Claim it?

Your parents worked hard to take great care of you growing up and you’re happy to return the favour. The good news? The CRA (the Canada Revenue Agency) wants to say “thanks” too. If you’ve got an aging parent or relative living under your… Continue Reading “This is one of the Most Commonly Missed Tax Credits. Can You Claim it?”

Tax Tips for Canadians over 65

If you’re in your golden years or taking care of a family member who is, take a minute to review what credits and deductions you could both be eligible for. Make sure you file a tax return: Always file, because you could be entitled… Continue Reading “Tax Tips for Canadians over 65”

Family Tax Deductions: What Can I Claim?

Being a mom has been the most incredible experience of my life so far – even including all those sleepless nights. It’s also very expensive, and according to a 2015 study by MoneySense Magazine, it costs on average $13,366 per year to raise a… Continue Reading “Family Tax Deductions: What Can I Claim?”

Five Tax-saving Tips for Retirees

Retirement may give you the chance to sleep late and live leisurely, but you don’t want a large tax bill spoiling your fun. To maximize your benefits and lower your tax obligations, check out these five tax-saving tips for retired residents of Canada. 1.… Continue Reading “Five Tax-saving Tips for Retirees”

Pension Income Splitting Lets You Split Your Income With Your Spouse

Tax planning doesn’t end when you retire. If you or your spouse receive income from a pension, you may be able to lower your tax bill by splitting some of that income with your spouse. Don’t write a cheque to your significant other just… Continue Reading “Pension Income Splitting Lets You Split Your Income With Your Spouse”