The Canada Learning Bond (CLB) is part of the Canadian RESP program. Actually the CLB is a grant. The big difference between this grant and the regular RESP grants is that no contribution is required. Once you qualify, you apply, and you can receive up to $2,000 deposited in your RESP account per child. The […]
A RESP is a savings plan for post-secondary education which allows funds to accumulate on a tax-deferred basis up to certain limits. There is no annual limit for contributions. For each beneficiary the lifetime limit on contributions is $50,000. Although there is no tax deduction, the interest and income earned within the plan is sheltered, […]
On January 1, 2014, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 0.9{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62}. The Canada Child Tax Benefit and the goods and services tax credit will take effect July 1, 2014.
For 2014 the federal tax bracket thresholds are:
22{7b1d1f20a894a4c63204ce17147762da143d82407cb3c58d1de0cbde1ab01a62} for taxable income above […]
Canada Revenue Agency (CRA) expects employers to complete Form T2200 for employees that have reasonable grounds to make expense claims against employment income. If there is some doubt, CRA will provide interpretive assistance.
Consider a Registered Education Savings Plan (RESP) for your children.
Set up a Tax Free Savings Account (TFSA).
Review your December income tax installment.
Make a low interest loan to your spouse.
Repay outstanding shareholder loans and pay interest on employee loans.
Contribute to your spouse’s or common-law partner’s RRSP to the extent of your RRSP deduction limit for 2013. […]
You can make use of the lifetime $750,000 capital gains deduction if you dispose of shares in a qualified small business corporation, a qualified farm property, or a qualified fishing property. If you have already claimed the $100,000 personal capital gain exemption (ended in 1994) then this reduces the available lifetime capital gains to $650,000. […]
If you pay the following expenses by December 31, 2013 they will be eligible for the deductions of credits:
Childcare expenses
Deductible support payments
Charitable donations
Union and professional dues
Moving expenses
Political donations
Accounting fees
Medical expenses
Investment counsel fees
Interest paid on loans used to purchase investments
Tuition fees
Children’s Fitness Expenses
Children’s artistic, cultural, recreational or developmental fees
The 2013 federal budget extended the hiring credit for small business (HCSB), a credit intended to stimulate new employment and support small businesses. The HCSB provides small businesses relief from the employer’s share of employment insurance (EI) premiums paid in 2013. The credit does this by paying up to $1,000 based on increases in an […]
Estate planners often suggest that the RRSP/RRIF holder designate a beneficiary of the plan. There are many advantages:
Probate fees can be avoided because the funds transfer direct to the beneficiary.
The funds are not exposed to the liabilities of the deceased’s estate.
No elections are required for the “refund of premiums” status.
Premium refunds allow a tax-deferred transfer […]