2013 Tax Changes for All Canadians

New tax legislation applying to all Canadians has taken effect as of January 1, 2013. The legislation is broad reaching. What follows below are the most significant changes facing Canadians. The age for early retirement under the Canadian Pension Plan … Read More

Changes to the QST System for 2013

Some changes to the QST sales tax system came into effect on January 1, 2013. The changes do not affect consumers. For most businesses, the effects will be marginal, although several system changes will be required (purchases, sales, expense reports, … Read More

Tax Tip #28 – How Long do I Need to Keep My Records?

As a general rule, you must keep records and supporting documents, which are required to determine your tax obligations and entitlements, for a minimum of six years. Whether you have electronic or paper records, you may destroy your records earlier … Read More

Tax Tip #27 – How Much Should I Contribute to my RRSP?

A Registered Retirement Savings Plan (RRSP) is a program regulated by the federal government of Canada, offering tax advantages to help Canadian residents accumulate financial wealth, through a wide range of investment instruments, in order to provide financial security and income … Read More

Tax Tip #26 – Universal Child Care Benefit

Did you know that if you have a child or children under the age of six, you can receive the Universal Child Care Benefit (UCCB)? What is the Universal Child Care Benefit? The Universal Child Care Benefit is designed to help Canadian … Read More

Tax Tip #24 – New Children’s Arts Tax Credit

For 2011 and subsequent years, there is a new non-refundable tax credit for the cost of registration or membership of your child in a prescribed program of artistic, cultural, recreational or developmental activity. You may claim eligible expenses of up … Read More

Tax Tip #23 – Can’t Pay Your Taxes?

Did you know that if you can’t pay your taxes, you may contact the Canada Revenue Agency about a payment arrangement? If you can’t pay the full amount of taxes you owe to the Canada Revenue Agency (CRA), you may … Read More

Tax Tip #22 – Donate Wisely

Important facts about charitable donations Use the Canada Revenue Agency Charities Listings at www.cra.gc.ca/charitylists to: Confirm the charities’ registration status Locate charities in your neighborhood Learn about charities’ activities and programs Review charities’financial information The first $200 you donate to registered … Read More