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Advice and Tips

Special Work Site Allowances

CRA recently discussed the criteria for tax-exempt allowances for board and lodging received for periods an employee was working at a special work site. Does this affect you?

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Shared Custody of a Child: The “Equal or Near Equal” Issue

Certain tax benefits, such as the Canada child benefit, the GST/HST rebate, and the recently implemented federal carbon tax incentive (where applicable) are normally paid entirely to the parent with whom the child primarily resides. Where the child resides with the parents on an equal or near equal basis, each parent is entitled to half of the credits/benefits which would be available if the child resided primarily with them. Do you know what your entitlement is?

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Advice and Tips

Old Age Security Deferral: Opting Out Retroactively

As of July 1, 2013, where receipt of OAS is delayed, the monthly pension is increased by a factor of 0.6% for each month deferred, to a maximum of 36% (60 months, commencing receipt at age 70). This option may be especially desirable for those whose OAS would be entirely clawed back due to high income.

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Advice and Tips

Canada Revenue Agency – PHSP Stance

Canada Revenue Agency – PHSP Stance: Recently, CRA has come out and explained their stance on PHSP’s a bit more than what is currently published on their website. Do you fall victim to their new take?

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