What’s New in Personal Income Tax-2016

Canada child benefit (CCB): As of July 2016, the CCB has replaced the Canada child tax benefit (CCTB), the national child benefit supplement (NCBS), and the universal child care benefit (UCCB). Northern residents deductions): The basic and additional residency amounts used to calculate the northern residency deduction have both increased to $11 per day. Children’s […]

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Do You Know About Canada Federal 2016 Budget, We Have it Here

Canada Child Benefit Budget 2016 proposes to create a new Canada Child Benefit (CCB) providing monthly tax-free benefits that are tied to income, to replace the Universal Child Care Benefit (UCCB), Canada Child Tax Benefit (CCTB) and National Child Benefit Supplement (NCBS).  The Canada Child Benefit payments will start in July 2016. The new CCB […]

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Are You Individual, and Would you Like to File Your Tax Return?

You must file a return if any of the following situations apply: You have to pay tax CRA sent you a request to file a return You and your spouse (or common-law partner) elected to split pension income You received working income tax benefit (WITB) advance payments in the tax year You disposed of capital […]

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Buying Your First Home? This is Our Home Buyers’ Plan

You can withdraw funds from your registered retirement savings plan (RRSPs) on a tax free basis to buy or build a home. To qualify you must meet all of the following criteria: You have to enter into a written agreement to buy or build a home. Obtaining a pre-approved mortgage does not satisfy this condition. […]

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Want An Clear Information About Your Children’s Fitness Tax Credit? Read This!

Children Fitness credit has been converted from a non-refundable to a refundable credit effective for the 2015 taxation year. You may claim a tax credit of up to $1,000 for eligible fitness expenses paid for each of your eligible children for the 2014 and subsequent tax years. The expenses can be paid by you, your spouse […]

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What Do You Know About Child Care Expenses in Canada

What are Child Care Expenses? Child care expenses are amounts you paid to have someone look after an eligible child so that you could: earn income from employment; carry on a business; attend school; or carry on research or similar work, for which you received a grant.                 […]

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Scientific Research and Experimental Development (SR&ED)

The benefits of SR&ED tax incentives The benefits of the Scientific Research and Experimental Development (SR&ED) tax incentive Program are twofold. First, it lets you deduct SR&ED expenditures from your income for tax purposes. Second, it provides you with an SR&ED investment tax credit (ITC) that you can use to reduce your income tax payable […]

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SHARE SALE VS. ASSET SALE The sale of an incorporated business can be accomplished either through the sale of the corporation’s assets or the sale of shares of the corporation. The asset sale versus share sale decision requires consideration of many tax and non-tax issues. However, tax will generally play a significant role in the [...] Read More

Private Health Services Plans (PHSP)

PHSP is defined in subsection 248(1) of the Income Tax Act. It means  a contract of insurance in respect of hospital expenses, medical expenses or any combination of such expenses, or  a medical care insurance plan or hospital care insurance plan or any combination of such plans.except provincial and federal government health care insurance plans. [...] Read More

Owner/manager remuneration

The owner/manager can receive remuneration in a number of ways. The most common is by way of salary or dividends, Management fees, Bonuses or Loans from the corporation The owner-managers who run their businesses through corporations can choose to receive remuneration as either a salary (including a bonus, management fees) or dividends. If salary compensation [...] Read More

Life Insurance

Generally, premiums paid for a life insurance are not tax deductible. One exception is when the insurance policy has been assigned to a restricted financial institution as collateral for a loan. The amount eligible for deduction in a particular year is limited to either the premiums payable by the taxpayer under the policy for the [...] Read More

Capital Gains Exemption

Many sale transactions are structured around the vendor’s ability to claim the $800,000 enhanced lifetime capital gains exemption in respect of the disposition of shares of a qualified small business corporation (“QSBC shares”). The enhanced capital gains exemption is available only to individuals who are resident in Canada throughout the year. It is reduced to [...] Read More

Business Investment Loss

If you had a business investment loss this year, you can deduct 1/2 of the loss from income. The amount of the loss you can deduct from your income is called your allowable business investment loss (ABIL). Complete Chart 6 to determine your ABIL and, if applicable, your business investment loss reduction. Claim the deduction [...] Read More

Alberta budget highlights

Alberta Minister of Finance, Joe Ceci, presented the first budget of the newly-elected NDP government. The 2015 budget focuses on three key themes: Stabilization of funding for key public services; A plan to return to a balanced budget in 2019-20; and Stimulus for growth, diversification and job creation. The budget is described by Minister Ceci [...] Read More

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