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.
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: 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?
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.
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!
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?
Investing your hard-earned dollar can be a hard decision to make. There are so many different ways to earn more with less; some that are even tax-free and some that aren’t. So which way will you go – registered savings plan or unregistered? Here are 5 reasons why a TFSA would be a good option for something registered.
Is the tax refund a good thing? It’s a question that spurred a great debate in February’s Knowledge Bureau poll when we asked tax and financial professionals whether or not the withholding taxes that lead to a tax refund should be reduced to help taxpayers save or pay down debt. Did the no side or the yes side win? You’ll be surprised by the results.
Both employees and employers will be required to contribute more to CPP, but, retirement, survivor, and disability pensions will also increase. Are you prepared for the changes? We offer payroll packages at affordable rates. Contact us to find out more details!
As of April 1, 2019, a federal carbon tax is scheduled to be imposed in respect of Ontario, New Brunswick, Manitoba, and Saskatchewan. Other provinces have some form of this already in place. This may affect your business more than you know; reach out to us to see how you can mitigate any loss in income.