Tag: Personal income tax tips

3 Money Tips to Follow Before Baby Comes

I have found the biggest mistake young families make is not planning prior to the arrival of their children. The fact is, the better you prepare for your financial future before baby is born, the better you’ll be prepared for the unexpected. New parents do not completely…

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…

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…

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…