Tag: personal tax tips

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…

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…

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…