Due to the COVID-19 pandemic, the majority of employees are working at home. Many of our clients have asked whether they can claim their home office on next year’s income tax return.
The Federal government recently announced the CERB, Canada Emergency Response Benefit, to provide income assistance to Canadians during this unprecedented time. Unlike your regular paycheque though, income tax will not be withheld by the government. What does this mean? A year from now, when you file your 2020 income tax return you will owe income […]
Have You Gone Digital? You could save on Taxes! There is a new non-refundable digital tax credit that will be available on the 2020 to 2024 income tax returns.
Did you know that CRA has made changes to the medical expense tax credit to allow taxpayers to claim certain expenses for a support animal For taxpayers who require specialized training for an animal, to help them cope with an impairment, the expense can be claimed as a medical expense. Currently, the following impairments […]
Posted by Enoch Omololu | Updated on Apr 24, 2019 The 2019 tax filing season will soon be here and if last years timeline is anything to go by, it will kick off around the third week of February 2019. The tax-filing deadline for most Canadians (for the 2018 tax year) is on April 30, 2019. For those […]
An RRSP or a TFSA? Where should you contribute your money? With the RRSP contribution deadline imminent, do you know where to contribute your money? Whether to contribute to an RRSP or TFSA is a decision that many taxpayers are not sure how to resolve. We explain to our clients that an RRSP is […]
In these challenging economic times and with volatile markets everywhere it can be hard to know where to turn for sound financial advice. At Simple Ways To Reduce Your Taxes And Grow Your Investments, Sharon Numerow and Fasial Karmali will break down how easy it can be for anyone to take control of their […]
Should I Invest In A Rental Property? Some taxpayers believe that investing in a rental property is a better alternative to mainstream investing. If you are considering investing in a rental property there are some pros and cons to keep in mind. In most situations you will be required to claim the rental income earned. One […]
The Mysticism of Income Tax Refunds Every taxpayer hopes for a tax refund. We explain to our clients that an income tax refund most often, is simply a return of your own money. For employees, your employer is obligated to remit income tax to CRA from each and every paycheque. Employers must follow payroll tables […]
Overcontributing To Your RRSP Can Be An Expensive Mistake An RRSP is one of the best investment tools that many Canadians use to save for their retirement. Saving for your retirement also allows for a deduction on your tax return that provides you with tax savings. There are strict rules surrounding the RRSP contribution […]