Another common deduction that may apply to students is the child care expense. You or your spouse or common law partner may have paid for someone to look after your child so one of you can work, study or conduct research. These expenses are deductible only if, at some time in the year, the child was under 16 years old or had a mental or physical impairment. Generally, only the spouse or common law partner with the lower net income can claim child care expenses. However, the other spouse or common law partner with the higher net income may still be...
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It’s that time of year again. It’s back to school for students and KD is here to remind you that financial education is also important. And part of that financial education is learning all about taxes. You can start by learning all the common deductions that can apply to you as a student. Here are some of the common deductions that may apply to you. Moving expenses: You may qualify to claim moving expenses if you move for the following reasons:- Attendance at a post-secondary educational institution. These are expenses can only be deducted from the taxable part of your scholarships,...
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The third and final document that you should have prepared in the event that you are unable to make personal decisions due to illness or injury is the will. A will is a legal document that allows you to direct how your property will be distributed after your death, name your personal representative who will represent your estate after your death and carry out your wishes and name a guardian for any children who are minors at the time of your death. Note that you have to consult with your lawyer to prepare a will. You will need a lawyer to...
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In part 1 of our blog series (ESTATE PLANNING: IF YOU CAN’T MAKE PERSONAL DECISIONS DUE TO ILLNESS OR INJURY, PART 1), we mentioned that it is recommended that every Albertan who is at least 18 years old should have the following documents prepared in the event that you can’t make personal decisions for yourself due to illness or injury:1. A personal directive2. An enduring power of attorney3. WillWe’ve already touched on what a personal directive is on the last 2 blogs. Now, we are focusing on the enduring power of attorney. So what is an enduring power of attorney? Enduring...
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