Consolidation of Caregiver Credits Starting in 2017 Revenue Canada has consolidated the Caregiver Credits (infirm dependant, caregiver - in-home care of a relative & family caregiver credits) into the Canada Caregiver Credit (CCC). You may be able to claim this non-refundable tax credit if you have a spouse, common-law partner, minor child or eligible relative who is dependent on you because of mental or physical infirmity. With this new consolidation there will be some changes. The … [Read more...]

Sale of a Property – Principal Residence Exemption     As a Canadian resident you may be eligible for an exemption on the taxation of capital gains when you sell your house. According to the Income Tax Act if the property was your principal residence for all years you owned it, or all years but 1, the entire gain from sale is exempt. However you and your family (spouse and unmarried minor children) must also be living in that residence and be claiming the property as their principal … [Read more...]

Registered Retirement Savings Plan, The Ins and Outs RRSP deadline is March 11, 2017 for the 2016 taxation year. However, if a person turns 71 in the taxation year, the deadline for the RRSP contribution is December 31. In addition, the RRSP account will be transferred into a RRIF. This information about your RRSP is found in your Notice of Assessment, Notice of Reassessment, or just a phone call away to the Canada Revenue Agency. Spousal RRSP is another way to reduce taxes. A taxpayer … [Read more...]

New Canada Child Benefit!   This new benefit will replace the previous Universal Child Care benefit and Child Tax Benefit. You and your spouse or common-law partner MUST file your 2015 tax return in order to receive any benefits. If you are eligible, you will automatically start receiving the new Canada Child Benefit as of July 2016. The new Canada Child Benefit is: •Simpler — most families will receive a single payment every month •Tax-free — families won’t have to pay taxes … [Read more...]