Tag: Personal income tax tips

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….

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…

Is My Volunteer Work Tax Deductible?

Giving to charity is great for the soul. It can also be good for your tax return. When it comes to volunteering, however, the situations in which such work makes you eligible for a tax credit are limited. When Volunteering Can be a Tax…

Who Can Claim Moving Expenses?

For many Canadian families, moving can be an exciting adventure. The thrill of a new location brings new friends and new experiences. But moving can also be an expensive endeavour. Bills for moving services, real estate commissions, legal fees, and changing utility accounts add…

Are My Prize or Lottery Winnings Taxed?

If you won the lottery tomorrow, what’s the first thing you’d do? Would you track down a mint 66 Shelby? Or travel the globe to exotic destinations? No matter what your dreams are, if your winnings are from a Canadian lottery, you’ll be able…