All items tagged with: tax deductions
Posted in: Strategic Thinking , Federal Government, knowledge bureau, Evelyn Jacks, tax tips, RESP, back to school, tax deductions, CESG, post-secondary education, Registered Education Savings Plan, Canada Education Savings Grant, saving for education, tax benefits, Education Assistance Payments, investment earnings, RESP contribution limits, government assistance for education, tuition fees
Did you know that dentistry, pharmacy, medicine and law are the professions with the highest undergraduate tuition fees in Canada, ranging from $10,000 to $18,000 per year? The average tuition fee for all faculties is just under $6,000 a year. With this in mind, most families could find it challenging to fund their family’s lifelong educational needs. The Registered Education Savings Plan (RESP) can help.
Posted in: Strategic Thinking , Tax Planning, CRA, Financial Advisor, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, income tax, tax advisor, tax deductions, tax preparation for proprietorships, tax education, tax preparer, entrepreneur, self-employment, side gig, taxpayer, proprietorships, sole proprietor, self-employed income, business ownership, extra income
About 32 per cent of workers are starting their own businesses on the side for a variety of reasons — including 25 per cent of those who earn more than $75,000 and 19 per cent of those with income over $100,000. For tax purposes, it’s critical to know the difference between someone who is employed and someone who is considered self-employed.
Posted in: Strategic Thinking, Poll, Current Issue , Federal Government, knowledge bureau, Evelyn Jacks, tax tips, RESP, back to school, tax deductions, post-secondary education, Registered Education Savings Plan, Canada Education Savings Grant, saving for education, tax benefits, Education Assistance Payments, investment earnings, RESP contribution limits, government assistance for education, tuition fees
Does the government do enough (e.g., Lifelong Learning Plan, Registered Education Savings Plan) to support post-secondary education in Canada?
Posted in: Strategic Thinking , Tax, CRA, tax credits, Canada Revenue Agency, tax shelters, Moving Expenses, voluntary disclosure program, tax error, tax deductions, child care expense claim, capital losses, VDP, errors and omissions, principal residence disposition, business investment losses
Did you know that the CRA’s Voluntary Disclosures Program (VDP) is proposed to change soon, restricting the ability to correct errors and omissions within a 10-year period?
Posted in: Breaking News, Tax Planning , tax deductions, tax adjustments, employment deductions
The average tax refund in Canada is now over $1620 – and that means millions of dollars of overpaid taxes are being taken out of the hands of average people all year long. At particular risk are employees.
Posted in: Strategic Thinking, You Asked Us, Tax Planning , tax deductions
CRA issued IT 518 to overview their position with regard to the deductibility of food, beverages and entertainment. Reasonable amounts may of course be deducted, if incurred to earn income from a business or property.