Author Archives: Kelly Melanson

GOVERNMENT COLLECTION POLICIES: When You Owe the Government Money Other than Taxes

CRA collects amounts owed for not just tax programs, but also for other government programs, including, for example: defaulted Canada Student Loan; Employment Insurance overpayment; Canada Pension Plan overpayment; Old Age Security overpayment; Labour Program receivable; and other Employment and … Continue reading

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GST/HST AND TAXABLE BENEFITS: Impact on Employee and Employer

The provision of some benefits to employees may be subject to GST/HST. Essentially, the CRA wants to ensure that the same amount of GST/HST is paid whether an employee purchases a good or service on his/her own, or whether he/she … Continue reading

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EMPLOYMENT EXPENSES: Are You Eligible?

An individual can deduct certain expenses they paid to earn employment income if they meet certain conditions including:

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Disability Tax Credit: Be Sure To Apply!

Individuals who have a severe and prolonged impairment in physical or mental functions may apply for the disability tax credit (DTC). The federal tax credit is valued at over $1,100 (15% x 7,766) in 2014, with the possibility of an additional disability supplement for certain individuals … Continue reading

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CANADA JOB GRANT: Government Funds Available to Train Employees

This grant is available to employers to help train new or existing employees for jobs that need to be filled. The program is not restricted to technical training, but is also open to professional and management development. Two-thirds of the … Continue reading

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FAMILY TAX CUT: Income Splitting and Other Benefits for Families with Children

On October 30, 2014, Prime Minister Stephen Harper announced personal tax changes with respect to families. These changes were passed into law on December 16, 2014. The Family Tax Cut is a new non-refundable credit. Essentially, you get a Federal … Continue reading

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Must Read Canadian Tax Information: Employment Expenses

The 2014 tax return season will see Canada Revenue Agency increasing the volume of audits on tax deductions for work expenses of both salaried and commissioned employees.  This is a huge project for them and there is a lot that … Continue reading

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How To: Financial Preparation for Retirement

On November 18, 2013 the Financial Consumer Agency of Canada released a financial preparation guide entitled Living in Retirement.  The guide deals with a number of topics including: •      Budgeting in retirement •      Sources of retirement income •      Public pension … Continue reading

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Getting Money Out Of The Company: Insurance Policy Transfers

It may be possible for a shareholder to transfer his/her life insurance policy to a Corporation and receive cash at a low or nil tax cost. There are many calculations and implications to consider. For example, where a policy has … Continue reading

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Tax Form Marital Status: Am I Married?

This may sound like a strange question to some, but to others it may press on them often – what is my official marital status as far as the Canadian government is concerned? In an October 3, 2013 CRA Release … Continue reading

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