Things have not been looking up for the economy during the past years. So it is important for every individual to be able to budget their finances properly and save money wherever possible. And one of the things that many Canadians can save on are the banking fees – monthly fees that the banks charge for maintaining a chequing or savings account. Here are some ways to save money on your banking fees: 1. Consider switching financial institutions. If you are feeling the pinch of having to shell out that monthly banking fee (for a BMO chequing account under the PLUS...
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As we mentioned in part 1 of our blogs series on Motor Vehicle Expenses, the CRA may soon be randomly targeting business owners who have claimed their motor vehicle expenses in previous tax years. To be able to prepare you for a possible tax review or audit in relation to your claimed vehicle expenses, here are more important things you will need to remember to ensure a smooth and quick review / audit process:1. If you use more than one motor vehicle for your business, keep a separate record for each vehicle that shows the total and business kilometers you drive,...
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At KD, we stay on top of what the CRA is up to so that we can be prepared and inform our clients about changes and things they need to be aware of. Recently, we found out that the CRA’s next target for their reviews and audits are the business owners who have made motor vehicle expense claims in previous tax years. We, at KD, want to remind all of the you who are business owners that you should always be doing the right things for your vehicle expenses such as keeping an accurate logbook for your vehicle expenses and creating...
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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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