As many individuals had lower income in the 2020 year, some may be surprised that they are eligible to receive the Guaranteed Income Supplement (GIS). In addition, changes in July 2020 allow individuals to earn more without eroding benefits. For those who have been eligible for some time, GIS (and OAS) can be applied for retroactively (up to eleven months back).
An immediate full write-off of many capital assets may provide an incentive to acquire capital assets. Do you qualify?
CRA uses third parties to get information about other taxpayers to ensure they are complying with their tax responsibilities. Do you comply with your tax responsibility?
Are you aware of how Workers Compensation and your employment contracts interact?
In an April 3, 2019 Tax Court of Canada case, at issue was whether the impact of an individual’s mental impairment entitled her to the disability tax credit (DTC). There are three main criteria taxpayers must meet to qualify, do you know them?
Transport Canada released details on the purchase incentive of up to $5,000 for zero-emission vehicles as originally proposed in the 2019 Budget. Do you meet the criteria?
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?
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?
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.
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.