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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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Summer is in full swing and as with most families, summer activities for the kids is a MUST. And fortunately, some of these summer activities can qualify as child care expenses which you can claim when you file your taxes next year. So here’s what you need to know about child care expenses and how you can claim them. For income tax purposes, child care expenses are defined as amount that you or another person paid to have someone look after an eligible child so that you or the other person could earn income from employment, carry on a business, attend...
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If you are a Canadian resident planning a trip to the US for health reasons or for vacation, and you maintain your residential ties in Canada, read up and learn how the Canadian income tax laws apply to you.   You are considered a factual resident of Canada if you spend part of the year in the US (for example), for health reasons or for vacation, and you maintain your residential ties in Canada.  As a factual resident, the CRA will tax your income as if you never left Canada.  The CRA will tax your income so ensure that you continue...
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