This Month’s Poll
The automobile deduction limits raised — the CCA ceiling for passenger vehicles to $39,000 plus tax for 2026. In your opinion, is that high enough?Write Them Off: Home Accessibility Costs
“My 69-year-old mother now lives with us, and we had to make renovations to our home so that she could be safe after her accident at her personal care home. Can we write off the costs of those renovations?” It’s not an uncommon question this year as Canadians coped with the stress of the pandemic. The Home Accessibility Tax Credit can provide some financial relief in these cases.
A Little-Known Tax Bonus for Medical Expenses
The Refundable Medical Expense Supplement is a tax credit claimed on line 45200 of the T1 return targeted at lower income earners. If the credit exceeds the taxes payable, the balance will be refunded to the taxpayer. CRA provides an area on the Federal Worksheet that accompanies the income tax package to make the calculations. The trouble is, few people know about it.
Who Should File a Tax Return?
Filing a tax return is always a good idea, but chances are CRA will owe you money even if you don’t have any income at all. That’s because you may be eligible for some refundable tax credits. However, for the majority of people who have at least some income – and that includes teenagers who qualified for the CERB and other pandemic supports this year, it’s important to know the answer to this question: who should file a tax return and who must file one?
It’s Not Too Late to Learn Professional Tax Preparation for 2020 Returns
It’s not too late to learn to prepare personal income tax returns from your home or office and now you can confidently learn and practice doing 2020 tax returns with Knowledge Bureau’s newly released 2021 Professional Basic Tax Course.
Take Two CE Summits to Stay Informed
You may have heard the saying “the harder I work, the luckier I get.” When it comes to tax, bookkeeping and financial advisory services, it can also be said that the more education you have, the better the advice you’ll give to the benefit of your lucky clients. For these reasons, we offer you twin “pots of educational gold” on this St. Patrick’s Day.
Recommendations for Next Federal Budget
Canada’s last Federal Budget occurred on March 19, 2019. The 2021 budget has now been deferred again making it more than two years since our country had one. Why is this important news? Because Canadians need to make decisions about their financial futures, with the benefit of economic forecasting and certainty about tax law. And there are many recommendations about needed change to talk about.
