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All items tagged with: tax deductions

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. 

Take Up Rate for Canada’s Federal Benefits is Extremely Low

Posted: November 12, 2018
Posted in: Strategic Thinking , CRA, Canada Revenue Agency, tax deductions, Diane Lebouthillier, Federal Benefits, Childcare benefit, Chief Service Officer, DFA - Tax Services Specialist, Income Tax Courses

New data shows just how many Canadians lack access to federal benefits they’re eligible to receive. This was a topic of discussion with Pierre Labbee, an outreach manager for the Canada Education Savings Program at the recent Distinguished Advisor Conference. But now an annual benefit review of the Canada Child Benefit reveals that this benefit in particular is underused, despite it being accessible to millions, and one of the reasons is a difficult relationship with the CRA.

Missed Prior Returns: 8 Reasons to File Before Year-End

Posted: November 06, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , tax preparation, tax credits, Evelyn Jacks, tax deductions, tax benefits, CRA penalties, income tax filing, tax deliquency, missed returns, filing late taxes

Did you forget to file a tax return in a previous year? It can pay handsomely to catch up before year-end. Not only can you recover tax refunds CRA may still owe you (that’s the main reason for most), but here are 8 additional reasons to file those missed returns before year-end:

Legalization Creates Tax Ambiguity for Marijuana Users

Posted: October 16, 2018 By : Beth Graddon
Posted in: Strategic Thinking , Medical expenses, tax deductions, leadership, marijuana legalization, tax claims, Federal Budget 2018, disability, marijuana, medical marijuana, marijuana tax, excise tax, cannabis license, growing marijuana, legal marijuana, Health Canada, Canadian Medical Association, CMA, entrerpreneur, cross-border, U.S. marijuana prohibition

Today is the day that marijuana officially becomes legal in Canada. Yet grey areas remain, leaving Canadians uncertain and concerned about consequences: from personal and excise tax rules, to medical expense claims, to cross-border and insurance underwriting changes.

Lucrative Year-End Tax Claims

Posted: October 16, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , Evelyn Jacks, Essential Tax Facts, Moving Expenses, rrsp, tax deductions, medical claims, travel expenses, home modifications, vehicle expenses, disability claims

The claims for medical expenses incurred for travel and modifying your home can be quite lucrative, but you’ll need to know what documentation to keep, because these are two areas that can attract the tax auditor. Here’s what you need to know:

Year-End Tax Tip: Brush Up on Medical Expenses

Posted: October 09, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , tax credits, Evelyn Jacks, Medical expenses, deductible medical expenses, tax deductions, medical claims, caregiver credits, claiming medical expenses, eligible medical expenses

Claiming medical expenses can be painful for most taxpayers: there are so many receipts and tiny numbers involved. But it can be worthwhile, especially if you schedule your dental and medical treatments in a tax-savvy manner before year-end.