The Tory leader is actually offering a tax credit, and the difference matters.
5. Separate work from play Small business owners should be keeping tabs on gas receipts, but that doesn't mean you can write
Every year there are changes to your tax return, and the 2016 tax period is no different. Several credits have either been removed or are being phased out as a result of last year's federal budget, and there are new credits available.
Financial knowledge is at the heart of stretching our dollars. For those with a severe and prolonged disability, saving money can be particularly challenging, given the expenses that often accompany disabilities and, in some cases, the difficulties getting or holding a job. And if you are tending to a loved one with a disability, extra costs likely are involved.
The tax deadline falls on May 2 this year, which means Canadians have an extra weekend to file their taxes. The CRA will soon be hit by a wave of last-minute tax returns, as countless Canadians wait until the last minute.
If you're in the midst of filing this year's tax return, why should you be thinking about next year's return? Well, as I wrote earlier this month, a lot of families are coming in and being caught off guard because the Enhanced UCCB, combined with the disappearance of the amount for children, is putting people in a position where they may owe tax this year.
As life becomes increasingly mobile, there is an uptick in the number of Canadians who start and manage small businesses without brick and mortar locations. No matter how mobile or field-based entrepreneurs earn their income, it's important to understand how these modern business endeavours impact your taxes. Here's an overview of what you need to know before you file.
Along with longer days, warmer temperatures, and blooming buds, spring also tends to bring an increase in real estate sales. If you are planning on taking the plunge into home ownership for the first time, you may qualify for a number of programs, credits, and rebates.
If you're a parent, you may be wondering when your children should start filing their own taxes. Even if they're still too young to take this on themselves, every child can benefit from a simple conversation about income, money management and how taxes come into play.
There are tax credits for putting your kids in sports or music lessons, for volunteer firefighting, for taking a bus, for fixing up your kitchen, and for joining a search and rescue team. All worthy things, sure, but expensive for taxpayers. Now we're talking about a leftovers tax credit. Where will this trend end?