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Training costs will not be deductible if they are considered to be “capital” in nature—that is, if they result in a lasting benefit to the taxpayer.
The Disability Tax Credit is lucrative—be sure to take the time to review the Disability Tax Credit Certificate (Form T2201) with your doctor.
The Tax Court of Canada recently allowed aspects of an appeal of one prominent real estate agent in Winnipeg from reassessments made by the Minister of National Revenue (MNR).
If you have a client who has a Registered Disability Saving Plan and is receiving disability assistance payments from the plan, a portion of these payments will be shown in Box 131 of a T4A slip and added to income on the 2013 return.
Gifts made by you or your spouse in the current year or in any of the immediately preceding five years can be claimed on this year’s return so long as those donations have not already been claimed.