The latest financial news and accounting tips from KWB.
Medical Expenses including Attendant Care
A taxpayer can claim medical expenses paid for themselves as well as for their spouse, common-law partner and dependents. A dependent can include; the taxpayer or their spouse/common law partner’s child or grandchild or the taxpayer of their spouse/common law partner’s parent, grandparent, sibling, uncle, aunt, niece or nephew whom lived in Canada at any time during the year. […]
Statute Barred Period
In general, CRA can reassess tax returns for individuals, trusts and Canadian Controlled Private Corporations (CCPC’s) within 3 years from the original Notice of Assessment date. After that, the returns enter a statute barred period. The typical statute barred period starts 3 years after the Notice of Assessment is issued A Notice of Assessment is the […]
If you are moving and are the owner of your own business you should consider deducting the expenses in your company rather than on your personal tax return. If you do not have that option, then the tax rules provide that if you have moved to be at least 40 km closer to your place […]
Child Fitness Tax Credit
The Conservative government has announced some changes to the children’s fitness tax credit which will begin taking effect for the 2014 Income Tax year: 1) For the 2014 income tax year, the fitness tax credit is increasing from $500 to $1,000. This credit is non-refundable. This means that parents whose income is too low and […]
2013 Federal Budget
On March 21, 2013 the federal budget was released. Read about the 4 items in the budget that we think are most likely to affect you.