News

All items tagged with: tax deductions

Tax Filing Basics: Claiming Medical Marijuana After Legalization

Posted: February 19, 2019
Posted in: Strategic Thinking, Current Issue , Medical expenses, deductible medical expenses, tax deductions, marijuana legalization, income tax filing, Income Tax Filing Fundamentals, medical marijuana, medical credits

With the 2018 legalization of marijuana in Canada, more taxpayers may wish to claim their purchase as a medical expense. That may be possible, but there are rules to follow to pass a CRA audit test. 

Big News: Simplified Method Prescribed Rates for 2018 Finally Released

Posted: February 12, 2019 By: Walter Harder
Posted in: Strategic Thinking , tax credits, Medical expenses, Moving Expenses, claiming expenses, tax deductions, income tax filing, personal income tax, travel expenses, meal expenses, deducting expenses

On February 12, the simplified method rates for calculating deductible auto and meal expenses for various important provisions on the 2018 tax return were finally released by the CRA. It’s an important missing piece for tax professionals and taxpayers alike, that in prior years was generally released in January.

Tax Tips: Checklist for Rental Property Owners

Posted: February 05, 2019 By: Evelyn Jacks
Posted in: Strategic Thinking , Evelyn Jacks, Essential Tax Facts, tax tips, claiming expenses, tax deductions, real estate investors, landlord

Returns that include income from rental properties are often audited, so, it’s important to consider your increased tax compliance burden as a real estate investor. If this is your first year with a rental property, it’s especially important to set up the tax reporting and documentation properly for an audit-proof experience. Use this checklist to help:

What Else Is New in 2019? Auto Expense Deduction Changes

Posted: January 08, 2019 By: Evelyn Jacks
Posted in: Strategic Thinking , tax credits, Evelyn Jacks, motor vehicle expenses, tax deductions, business write-offs, tax write-offs, auto expenses, auto expense deduction rates, expense deductions

Did you check your odometer reading at the start of the year? Finance Canada confirmed its 2019 auto expense rates on December 27, but they don’t quite measure up to cover the carbon taxes that increase the cost of driving, including the increased gas prices as of January 1. Those who use passenger vehicles for business will be disappointed that their write-offs haven’t changed at all, unless a new vehicle was purchased after November 20, 2018.

Breaking News: Canada Officially Introduces Climate Action Incentive Payments

Posted: December 19, 2018 By : Beth Graddon
Posted in: Strategic Thinking , Federal Government, Evelyn Jacks, tax deductions, tax incentives, budget 2018, Climate Action Incentive Payment, carbon tax, Bill C-86, Budget Implementation Act, climate change

On December 13, the second Budget Implementation Act was granted Royal Assent by the House of Commons*, thus giving the green light for Climate Action Incentive payments to offset new carbon taxation programs coming into effect April 1, 2019.

Donation Controversy: Tax Relief for Media

Posted: November 27, 2018 By: Evelyn Jacks By : Beth Graddon
Posted in: Strategic Thinking , Federal Government, tax deductions, tax education, Morneau, Fall Economic Update, media tax relief, tax incentives for media subscriptions, Canada free press, Canada news

Last week’s Fall Economic Statement featured updates to Canada’s economic outlook and corporate tax changes, specifically, the Capital Cost Allowance measures. However, the Finance Minister also proposed a controversial $595 million package to support Canada’s media sector, including tax breaks for those who subscribe to some online media outlets.