While most tax software programs do a good job of prompting you about available credits and deductions, they don't necessarily take into account all the specifics of your particular situation. For example, they will ask you about medical expenses, but you still have to know what expenses to claim.
Posted at 05:21 AM
Friday, March 6, 2015
You might be able to deduct your childcare expenses if they were incurred to enable you or a supporting person to earn employment or business income, attend a designated educational institution or a secondary school, or engage in grant research.
Posted at 05:10 AM
Friday, March 6, 2015
The Family Caregiver Tax Credit will allow people taking care of infirm, dependent relatives to claim a non-refundable tax credit based on an amount of up to $2,058 in 2014, resulting in tax savings of up to $309 a year for qualifying individuals. Only one family caregiver tax credit may be claimed per eligible dependant.
Posted at 05:07 AM
Thursday, March 5, 2015
Special thanks to Tiffin House in Midland for giving us the opportunity to sit and talk with residents about their taxes. Met many new people and look forward to working with them in the future. Thank you Tiffin House, a great community partner here in Midland.
Posted at 01:59 PM
Thursday, March 5, 2015
The Family Tax Cut credit, effective starting in 2014, is a new non-refundable tax credit which can result in tax savings of up to $2,000 for couples with children under 18. The Family Tax Cut credit calculation can be quite complex. Contact us at 705-812-1338 for more information.
Posted at 06:30 AM
Wednesday, March 4, 2015
Special thanks to Tiffin House in Midland for giving us the opportunity to sit and talk with residents about their taxes. Met many new people and look forward to working with them in the future. Thank you Tiffin House, a great community partner here in Midland.
Posted at 02:06 PM
Tuesday, March 3, 2015
If a member of your family passed away last year, now is the time to think about filing income tax returns. The executor must file the deceased person's 2014 income tax returns on time.
March 31 is an estate T3 tax filing deadline that executors often miss if they focus only on the April 30 filing deadline for the final T1 tax return.
Posted at 06:15 AM
Tuesday, March 3, 2015
The UCCB will be expanding this year, and the Child Tax Credit will be eliminated. DON'T confuse this with the Canada Child Tax Benefit, which is a tax free monthly benefit paid. While the two sound a lot alike, they are two totally different things. One is a non-refundable tax credit while the other is a monthly benefit. Want more information? Call us at 705-812-1338.
Posted at 06:08 AM
Tuesday, March 3, 2015
If you donate small amounts in the year, you might consider combining two or more years' worth (up to a maximum of five years) of donations to push you over the $200 threshold to take advantage of the higher tax credit.
Posted at 05:48 AM
Thursday, February 26, 2015
The Family Tax Cut credit, effective starting in 2014, is a new non-refundable tax credit which can result in tax savings of up to $2,000 for couples with children under 18. The Family Tax Cut credit calculation can be quite complex. Contact us at 705-812-1338 for more information.
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While most tax software programs do a good job of prompting you about available credits and deductions, they don't necessarily take into account all the specifics of your particular situation. For example, they will ask you about medical expenses, but you still have to know what expenses to claim.
