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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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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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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Tax Tips Medical Expenses pt.2: Can Renovations Be Claimed?

In a September 13, 2013 Tax Court of Canada case, the taxpayer’s claim for amounts paid to install engineered hardwood flooring as a medical expense was denied by CRA.  The engineered hardwood replaced fairly new carpet in the taxpayer’s five … Continue reading

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Tax Tips Medical Expenses pt.1: Travel Costs

An individual can generally claim reasonable travel costs incurred for medical purposes as a medical expense only where substantially equivalent medical services are unavailable where the taxpayer resides.  The following two Technical Interpretations discuss the Canada Revenue Agency’s (CRA’s) position … Continue reading

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