Ontario Trillium Benefit will not be offered as a lump sum option
The Ontario government may have announced in its April budget that it was considering the providing a lump-sum payment option for the Ontario Trillium Benefit (OTB) but, in the end, it decided to stick...
View ArticleTax court decision may loosen rules with respect to medical travel
The Canada Revenue Agency makes some tax allowances for people who need to travel for medical care, but it has always maintained fairly strict eligibility rules. Taxpayers who have to travel 40...
View ArticleSeniors in B.C. and Ontario may be able to claim twice for certain types of...
Beginning with the 2012 taxation year, taxpayers in Ontario and B.C. who are 65 or older may benefit from new provincial tax credits if they make renovations which allow them to be more mobile or...
View ArticleB.C. Training and Education Savings Grant proposed
The B.C. budget presented on February 19, 2013, will not pass the legislature before the provincial election in May but, if enacted by the next elected government, B.C. families are set to enjoy at...
View ArticleProvinces looking at higher-income earners to solve revenue problems
With most provinces facing deficit challenges, finance ministers have to find new sources of revenue. In his February 2013 budget, the BC Finance Minister chose to raise the general corporate tax rate...
View ArticleFederal budget focuses on closing loopholes
Seniors on fixed income who cannot take advantage of pension-income splitting could always rely on at least one deduction: their safety deposit box fees. No longer. Effective in 2014, the new federal...
View ArticleNew Ontario budget promises to change the Ontario Trillium Benefit
Two years ago, many Ontarians were caught off-guard when the last Liberal government removed the Ontario sales and property tax credits from the tax return. The move was part of the HST introduction...
View ArticleFast condo sales could lead to trouble with the tax man
There have been media reports that the Canada Revenue Agency is scrutinizing condo sales a little more closely, especially in the Greater Toronto Area. Although every taxpayer receives a capital gains...
View ArticleCRA moves to help parents hold on to scarce daycare spots
In some cities, finding a daycare spot is a competitive sport, and there are often waiting lists involved. So when a family becomes pregnant with another child, the parents may decide to keep their...
View ArticleGovernment getting more serious about foreign property and income
Canadians are required to report foreign property with a cost of more than $100,000 using Form T1135 Foreign Income Verification Statement. The form is meant to ensure you report any foreign income or...
View ArticleNew credit provides additional tax savings for new donors
When was the last time you, your spouse or common-law partner claimed a charitable donation on your tax return? If it was before 2008, you are now considered a first-time donor under the new enhanced...
View ArticleTax Court upholds the Amount for Eligible Dependant rules
Parents who pay child support and had hoped to claim an eligible dependant credit were disappointed recently when a federal court decision went against them. Single parents with joint or primary...
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