Save over 60%: The Magic of Tuition and CTC Tax Credits

Did you know that you can reduce the cost of your tuition fees by over 60% (depending on your province of residence, thanks to the refundable Canada Training Credit (CTC) and the non-refundable Tuition Fee Amount? This can substantially reduce your tuition fees payable, in particular here at Knowledge Bureau. Here’s how it works? 

According to a new report, the middle class, women, and seniors have been stellar investors in the Tax Free Savings Accounts, amongst the 8.2 million Canadians who opened one up to the end of 2011.

In a recent case the ‘Tie Breaker’ rules were used to determine the tax status of a group of American business people working in Canada in Dysert v. The Queen (2013) TCC 57. 

Here’s a common issue encountered by tax and financial advisors. The client is Mr. X who has borrowed money to invest and wants to write off the interest. Can the investments be held jointly with his wife, Mrs. X for estate and tax planning purposes? What are the pitfalls to consider?

A new tax credit found on Schedule 1 and 5 of the federal tax return bumps up your existing non-refundable credits by $2000 when you care for an infirm person. 

Canadians love tax refunds, but hate rounding up the paperwork to do the return. That’s where common tax filing errors really begin.

Be very careful about blanket advice.