Here’s more information if you are buying or selling your home.Home buyer’s plan: The home buyer’s plan is a program that allows you to withdraw funds from your registered retirement savings plan to buy or build a qualifying home for yourself or for a related person with a disability. You can withdraw up to $25,000 in a calendar year and you have up to 15 years to repay the amount you withdraw. Note that your first repayment starts on the second year after the year you withdrew the funds from your RRSPs. You are qualified for the Home Buyer’s Plan if...
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If you bought or sold your home or plan to buy or sell your home soon, here is the information you need. Principal Residence Exemption: If you sold your principal residence last year, you should have claimed the principal residence exemption when you filed your taxes last April. This provides you an exemption from tax on any capital gain from the sale. Starting with sales in 2016, you are required to report basic information on your income tax return when you sell your home if you want to claim the principal residence exemption. Basic information such as the date you acquired...
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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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