The Canada Child Benefit was brought in by the Liberal government in 2016. It’s a replacement for the suite of Conservative childcare benefits, which the Liberal government felt benefited wealthier families unduly, due in part to their focus on income…
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Tax-Free Savings Accounts, or TFSAs, are a fairly recent addition to the Canadian tax ecosystem. First made available to Canadians in 2008, the TFSA is a way for the average citizen to protect a portion of their savings from income…
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If you’ve been paying attention to financial and political news over the past few months, you’ve no doubt heard a lot of talk about the proposed tax changes in Canada. There are a lot of opinions (mainly negative) surrounding these…
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Making charitable donations is an effective way of reducing your tax bill and also supporting good causes. Here’s a quick overview of how donations affect your taxes: Any donations made to registered charities are eligible. They should provide you with…
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One of the most common questions we get asked is how to fix mistakes on past or previous tax returns. It’s an issue that is definitely worth exploring to ensure you’ve received the maximum available return and to avoid problems,…
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Running a home daycare is a common business. When it comes time to complete your taxes, there are certain guidelines and rules that should be followed in terms of reporting the income from your daycare. The first distinction you must…
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How much will I have to spend on my business taxes at tax time? This is a question most people ask when they start a business. Most of the time, when a person starts a business, they will start the…
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Many taxpayers wonder when their tax returns can be no longer re-assessed or audited by the Canada Revenue Agency (CRA). In other words, the taxpayer is home-free and the tax years closed– although there are always exceptions to a rule,…
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