Tag: Tax tips

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… Continue Reading “Filing Taxes for a Senior? 7 things You Can do to Maximize Their Return”

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… Continue Reading “This is one of the Most Commonly Missed Tax Credits. Can You Claim it?”

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.… Continue Reading “Five Tax-saving Tips for Retirees”

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… Continue Reading “Is My Volunteer Work Tax Deductible?”

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… Continue Reading “Are Health Insurance Premiums Tax Deductions in Canada?”