Child Rearing Provision

If you left the work force or reduced your working hours to be the primary caregiver for your children, it will likely be to your benefit to apply for the CPP child rearing provision when applying for CPP benefits. To apply for the CPP child rearing provision you would complete section 11A in the application […]

Changes to the Eligible Capital Property Rules Effective January 1, 2017

home keys

Eligible capital property (ECP) includes items such as goodwill, patents, trademarks, customer lists and other intangibles with no fixed lifespan. As of January 1, 2017, the new rules for eligible capital property will come into effect and will have a significant impact on tax deferral opportunities for companies that dispose of eligible capital property. Previous […]

Top 4 Financial Tips for the New Parent

Here are our top 4 financial tips for the new parent: Apply for a Social Insurance Number (SIN) for your child: It’s a good idea for you to apply for a Social Insurance Number for your child as soon as they are born. This way, you will not be left scrambling to obtain one when your […]

Top 7 Overlooked Tax Deductions

tax

Are you paying too much in taxes? Are you getting all the tax deductions available for your business? An effective way to minimize your company’s tax expense, in addition to good planning, is to ensure the company is claiming all of the expenses legitimately allowed under the tax act. Take a look and see if any […]

HOME ACCESSIBILITY TAX CREDIT (HATC)

tax

The 2015 federal budget announced the introduction of a new Home Accessibility Tax Credit (HATC), beginning in 2016. The HATC is a non-refundable tax credit for qualifying expenses incurred for work performed or goods acquired in respect of a qualifying renovation of an eligible dwelling of a qualifying individual. A qualifying individual and eligible individuals […]

Charitable Giving

When we give, it can be the $20 thrown into a collection or perhaps the $100 we gave to a registered charity with a charitable receipt provided back to us to acknowledge our contribution. Alternatively, one can give thousands, tens of thousands, or more if they so desire.  However, the icing on the cake is […]

Tax Instalments

tax

You may not be aware that you or your business are required to remit quarterly or monthly tax instalments to CRA.  And it is likely that if the instalments are not made, you will be charged interest and penalties Goods and services tax instalments You are required to pay GST instalments if your net tax (GST […]

Family Caregiver Tax Credit

tax

For 2014, if you have a dependent that you claim under one of the following: Spousal amount (line 303) Equivalent to spouse amount (line 305) The child amount (line 367) The caregiver amount (line 315) The infirm dependant (line 306) And that person is defined as infirmed with an impairment in physical or mental functions […]

Life Insurance Creates an Estate Value

senior cpp image

The most common application of life insurance is in the protection of the family unit. Often, one parent is the primary income earner while the other parent stays at home to raise the family.  Few couples under age 50 own sufficient assets to provide adequate income to maintain the family’s current lifestyle upon the demise […]