Personal Tax Returns

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.

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.

Flipping Out – House Flipping and It’s Implications

Recent changes to mortgage rules have caused the housing market to cool slightly. What was once a highly lucrative industry, has turned into a mess for some but this isn’t to say that it can’t still be profitable for those who play their cards right. Are you protected?

Refund or No Refund

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.

Travel Expenses: To and From Work

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Travel from home to a regular place of employment is usually a personal expenditure, the costs of which cannot be claimed as an employment expense. There are exceptions to this... Contact us to see if you may qualify!

Childcare Costs

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If there are recreation or education components to your childcare costs, then you may be able to claim the full amount on your tax return.

2019 Tax Changes

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Starting January 1, 2019, there are a few changes to the way Canadians will be taxed.