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New Tax Changes in Canada

The Finance Minister, Bill Morneau, has recently released some new (and interesting) tax changes for Canada which appear to take effect immediately. Here is a summary of the changes: For class 43.1 and 43.2 – clean energy equipment, the same rules for class 53 will apply for purchases between November

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Advice and Tips

Private Health Services Plans

What is a Private Health Services Plan? In a nutshell, a Private Health Services Plan (or PHSP for short) is an employee benefit plan that allows you as the company/business to write off medical expenses as a business expense. Your business/company reimburses the employee for the medical expense they incurred

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Get Organized!

Here is what I do to get my clients organized. The best part is that it’s very cheap to do (under $10.00) and will help keep bookkeeping costs down while allowing you to stay organized! Envelopes I go to the dollar store and buy 12 of the 9×12 Kraft Envelopes (not

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Did You Move?

Did you know that if you moved more than 40km for work, you may be able to claim the expenses associated with that move on your personal tax return? How do you know if you qualify? There are three simple questions to ask: Did you move in 2017? How far

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Expenses – What can you claim?

One of the hardest things we’ve had to do is tell someone that they can’t claim a certain expense because it’s not eligible. Unless you own your own company, what you can claim as employment expenses is very limited. As a salaried employee, you cannot claim your travel to and

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Pensions – What is the Right Age?

We’ve all seen or been around someone who is getting to the age where they can start drawing a pension if they choose. The question is, is it the best time to do so? This question is on a lot of Canadian’s minds every year; do I apply for CPP

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Tax Advice

Medical Expenses

Medical Expense Tax Credit Most medical expenses that you incur in the year can be claimed on your tax return as a tax credit. Tax credits are different than tax deductions in the sense that it lowers your Part I tax liability on an individual. With the Medical Expense Tax

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RRSP’s – Breaking Them Down

We’ve all heard of RRSP’s. They grace TV ads; there are posters plastered at our local bank; there are ads on buses; even social media has ads peppered through our feeds. But what are they exactly and how do they benefit you? I am sure the majority of us have

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