Tag: personal income tax

2020 Personal Income Tax Changes You Need To Know

When you look at your household budget, the amounts you’re spending on mortgage/rent, transportation and food are usually top of mind. While all those expenses certainly matter, something else you should keep a watchful eye on is income tax. It’s the single biggest expense…

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…

Personal Accounting

If you have a checking account, of course you balance it periodically to account for any differences between what’s in your statement and what you wrote down for checks and deposits. Many people do it once a month when their statement is mailed to…