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?
Blog
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?
GST/HST New Housing Rebate: Meeting the Conditions
In a December 18, 2018 Tax Court of Canada case, the Court considered whether the new housing rebate was available where the taxpayer sold a newly developed property shortly after taking possession. Do you qualify for the rebate?
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.
Sauna and Hydrotherapy Pool: Medical Expense Tax Credit
In a December 4, 2018 Technical Interpretation, CRA was asked whether the costs of installing a steam shower (sauna) and hydrotherapy pool could be eligible for the medical expense tax credit (METC). What do you think the answer was?
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?
First-Time Home Buyer Incentive: New Possibilities
Budget 2019 proposed the new Canada Mortgage and Housing Corporation (CMHC) first-time home buyer incentive, which is a shared equity mortgage that would give eligible first-time home buyers the ability to lower their borrowing costs by sharing the cost of buying a home with CMHC.
Private Health Services Plans: What are they?
If you are new to a Private Health Services Plan, then we have all the information you will need to discover how you can claim your personal medical expenses as a business expense and receive a tax free reimbursement. If you currently have one, then we encourage you to take a look at ours to save even more money!
Home Buyers Plan: Enhanced Possibilities
The HBP allows first-time home buyers (special rules apply for those with a disability) to withdraw amounts from their RRSP to buy or build a home. Do you qualify?
PHSP vs Traditional Insurance
Traditional health insurance comes with a gamut of fees, limits, and frustrations; all imposed by the insurance company itself. That's where a PHSP can come in. A PHSP/HSA saves you money. Learn how.