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Here are some tips on how you can get ready for the tax season. 1. Keep track of all your income: You are required to report ALL of the income you have earned for the year on your income tax return. And if you fail to report an income, there is a penalty and you could possibly end up paying so much more. So it is important, if you have several streams of income aside from the employment income reported on your T4, to keep track of all of it by keeping receipts and other related documents organized. This will ensure...
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On December 14th, 2017, the Department of Finance announced that the remaining tax measures from Budget 2017, Bill C-63, received Royal Assent. These are some of the income tax measures included in Bill C-63. • Closing loopholes surrounding the capital gains exemption on the sale of a principal residence;• Providing additional authority for certain tax purposes to nurse practitioners;• Ensuring that qualifying farmers and fishers selling to agricultural and fisheries cooperatives are eligible for the small business deduction;• Eliminating the use of billed-basis accounting by designated professionals;• Eliminating the ability for small oil and gas companies to reclassify up to $1...
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The Department of Finance re-released draft legislative proposals with regards to income tax that were announced in Budget 2017.  These proposals include measures respecting: 1.    The Ecological Gifts Program; 2.    Clean energy generation equipment: geothermal energy; 3.    The Canadian exploration expense: oil and gas discovery wells; 4.    The reclassification of expenses renounced to flow-through share investors; 5.    The meaning of factual control; and 6.    Extending the base erosion rules to foreign branches of life insurers. The draft income tax proposals also include other measures that have been modified based on previous consultations, respecting: 1.    The anti-avoidance rules for registered plans; 2.   ...
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On our previous blog, we covered some basic information regarding child care expenses such as its definition, which expense qualifies and who can claim the expense. In this blog, we’ll look into other important information on child care expenses such as for whom you can claim the expenses and which payments you can claim. For whom can you claim child care expenses? You can only claim child care expenses for an eligible child. An eligible child is your or your spouse’s or common law partner’s or a child who was dependent on you or your spouse or common law partner and...
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