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All items tagged with: tax deductions

Commonly Missed Medical Expenses: Dig for Tax Savings

Posted: April 24, 2018 By: Walter Harder
Posted in: Strategic Thinking , Financial Literacy, knowledge bureau, Evelyn Jacks, Medical expenses, basic tax preparation, tax courses, tax deductions, tax education, online campus, medical deductions, tax claims, reimbursement for medical costs, T3

Medical expenses are among the most commonly overlooked tax provisions. But, it’s important to pay attention to unreimbursed medical expenses and to claim them, as they can be used to reduce taxes payable. Don’t miss out on these deductions! Before you file your 2017 tax return, use this checklist of often-missed allowable medical expenses to your benefit.

Tuition Rebate Programs Diminishing: What Can You Claim?

Posted: April 06, 2018 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , tax preparation, Financial Literacy, tax credits, knowledge bureau, Evelyn Jacks, federal budget, tax courses, tax deductions, tax education, tuition credits, online courses, budget 2018, online campus, education credits, education benefits, education and training credits, student tax deductions

Use them before you lose them! That’s the message for parents and post-secondary education students filing 2017 tax returns who are looking for provincial tuition fee rebate programs to reduce student expenses. This is especially so, since the federal education and textbook credits have been cancelled. But the tuition rebate programs are diminishing, too.

CRA Carrying Charges: What’s Not Deductible?

Posted: April 06, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , Financial Literacy, capital gains, Financial Advisor, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, tax courses, tax deductions, refundable tax credits, interest, online education, interest on investments, deductible carrying charges, carrying charges, registered accounts, financial planning tax preparation

In Part 3 of this series on deductible investment expenses, we discuss costs that are not deductible – a mystery and a surprise to some taxpayers during a tax audit. Here’s more essential information to keep you out of hot water.

Tax Season 2018: Refunds Won’t Flow Before End of February

Posted: February 12, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , tax preparation, Financial Literacy, knowledge bureau, tax returns, Evelyn Jacks, tax filing, tax courses, tax deductions, tax education, financial education, tax refunds

Filing a tax return is the first, and often most important, financial transaction of the year for millions of Canadians. What’s different in 2018? For starters, the government is hanging on to early filers’ refunds longer than ever. With last year’s average tax refund clocking in at just over $1,735, that’s a big deposit that cash-strapped Canadians don’t have for their RRSP or TFSA deposit.

How to Claim Your Sick Spouse or Child as a Dependant

Posted: February 06, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , Financial Literacy, knowledge bureau, Evelyn Jacks, tax courses, tax deductions, financial education, online education, Canada Caregiver Credit, CCC, tax credits for infirm and disabled, Canadian disability credits, spousal amounts, tax credits for dependants, eligible dependant, common-law tax credits

The Canada Caregiver Credit, or CCC, is by far the most complicated provision on the 2017 tax return. In this last article of our series, we’ll give you some true-to-life examples of how to claim it for your loved ones who may be suffering an infirmity.

Aboriginal Peoples: Tax Filing Considerations

Posted: February 06, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , Financial Literacy, CRA, dividends, capital gains, tax credits, knowledge bureau, Canada Revenue Agency, RRSPs, income tax act, Evelyn Jacks, corporate tax, old age security, tax courses, interest income, tax education, financial education, online courses, online education, Knowledge Journal, Aboriginal people, tax deductions for aboriginals, Indian Status, tax exemptions, Guaranteed Income Supplements, support payments, trust tax

Canada has 1,673,785 aboriginal people, representing 4.9 percent of the population. According to our census, this population has grown 42.5 percent in the period 2006-16 and the average age of the aboriginal people, at 32.1 years, is close to a decade younger than the rest of Canada. There are unique tax filing concerns for these Canadians, requiring specialized knowledge.