Tag: Personal Taxes

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…

Are Health Insurance Premiums Tax Deductions in Canada?

Canada’s provincial health plans cover most medical expenses. However, there are expenses which are not covered like health and dental services. For these costs, many Canadians seek coverage by paying premiums in a private health insurance plan. It is important to know that these…