New: Personal Support Workers Tax Credit Coming Soon
Personal support workers will receive billions in increased wages from federal/provincial governments in B.C., Newfoundland and Labrador and the Northwest Territories. Those workers in other provinces will now get a raise too, but they will have to wait until filing their 2026 returns in the spring of 2027 to cash in, according to an October 27 pre-budget announcement. Here are the details:Average Exchange Rates for 2015 and Five-Year Trends
The Bank of Canada has announced the 2015 average exchange rates for several currencies against the Canadian dollar. While some might be curious about how many Fijian dollars or Panamanian balboas one might get in exchange for a Canadian dollar, the currencies we are most often concerned about are the US dollar (1.2787 for 2015) and the Euro (1.4182 for 2015).
Deductibility of Periodic Support Payments Challenged
Separation and divorce are expensive life events; they can be much more financially damaging when tax rules are not taken into account. The recent case of Blue v. the Queen in the Tax Court of Canada, although successful for the appellant, shows how easily the terms of a well-intentioned separation agreement may be ruled ineligible for tax relief.
