Did you know that our income tax system is now 100 years old? Did you know that the income tax system was originally meant to be temporary? How much do you think Canadians have paid to date in income taxes (over 100 years)? Read this article and find out! According to Global News, income taxes were “meant to be a way to raise extra money during the First World War and have stuck around ever since.” By 2016, it is estimate that Canadians have contributed 148 billion to the income tax system. This amount accounts for just under half of all government revenues. For the full story, go to the link: http://globalnews.ca/news/3620689/canadas-income-tax-100-how-much-canadians-have-paid/
We work with amazing people – we want you to get to know them.As a Consumer Choice Award Winner, we understand that our business wouldn’t be award winning without our clients and customers. We work with such amazing people who work tremendously hard as small business owners. It’s important to us to share their stories because their businesses make our business better!
Does you child need insulin therapy? Do you have hearing loss? Have you undergone surgery which led to complications? Lots of Canadians are entitled to the Disability Tax Credit and are not collecting it and in many cases, they are not collecting retroactively but they may be entitled to do so. What is the Disability Tax Credit? The disability tax credit (DTC) is a non-refundable tax credit that helps persons with disabilities or their supporting persons reduce the amount of income tax they may have to pay. An individual may claim the disability amount once they are eligible for the DTC. This amount includes a supplement for persons under 18 years of age at the end of the year. The purpose of the DTC is to provide for greater tax equity by allowing some relief for disability costs, since these are unavoidable additional expenses that other taxpayers don’t have to face. Being eligible... View Article
Is Your Family Growing? Here are some of the tax benefits…..Are you expecting a baby? If you are the birth mother of a newborn, you can use the Automated Benefits Application on the birth registration form when you register your newborn with your province. This allows you to apply for the Canada child benefit, the GST/HST credit, and related provincial or territorial programs for your child.
Are you expecting a baby? If you are the birth mother of a newborn, you can use the Automated Benefits Application on the birth registration form when you register your newborn with your province. This allows you to apply for the Canada child benefit, the GST/HST credit, and related provincial or territorial programs for your child. There may be other credits and benefits for your family. Check out this link for all the details and a chart to determine what you are eligible for: http://www.cra-arc.gc.ca/bnfts/menu-eng.html
Canada Pension Plan Basics The Canada Pension Plan (CPP) is a contributory, earnings-related social insurance program. It ensures a measure of protection to a contributor and his or her family caused by the loss of income due to retirement, disability and death. There are three types of CPP benefits: → Disability benefits (which include benefits for disabled contributors and for their dependent children); → Retirement pension; → Survivor benefits (which include the death benefit, the survivor’s pension and the children’s benefit). The CPP operates across Canada, although the province of Quebec has its own similar program, the Quebec Pension Plan (QPP). The CPP and the QPP work together to ensure that all contributors are protected. With very few exceptions, every person in Canada over the age of 18 who earns a salary or a wage must pay into the CPP. You and your employer each pay 50% of the contributions.... View Article
If you moved closer to your work or school, you may be eligible to claim moving expenses. Here are the rules. Call our office if you need help or more information: Line 219 – Moving expenses You can claim eligible moving expenses if: you moved and established a new home to work or run a business at a new location; or you moved to be a student in full-time attendance in a post-secondary program at a university, college or other educational institution. To qualify, your new home must be at least 40 kilometres (by the shortest usual public route) closer to your new work or school. http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/219/menu-eng.html?utm_source=twttr&utm_medium=scl_md&utm_campaign=
Are you participating in the sharing economy? Are you selling goods on Kijiji, driving for Uber or renting your home on Air BNB? Everyone should be reporting their income but they don’t always. But without reporting your income, you also can’t take advantage of the potential tax credits/deductions available to you. Say for example, you rent your house on Air BNB – you’re treating it like a business but not claiming the income you generate. According to statistics Canada, 69000 Canadians rent out some or all space in their home in some kind of peer to peer network, for example but there is generally a lack of knowledge about who needs to declare income. As a general rule, income you generate from any endeavour should be reported. Companies like Uber can and do provide reports to their drivers about the income earned. That also means that you can take advantage of... View Article
Which medical expenses can you claim? To know for whom you can claim medical expenses, see How do you claim eligible medical expenses on your tax return? You can claim only eligible medical expenses on your tax return if you, or your spouse or common-law partner: paid for the medical expenses in any 12-month period ending in 2016 did not claim them in 2015. Generally, you can claim all amounts paid, even if they were not paid in Canada. For all expenses, you can only claim the part of the expense that you or someone else have not been and will not be reimbursed for. However, the expense can be claimed if the reimbursement is included in your or someone else’s income (such as a benefit shown on a T4, Statement of Remuneration Paid, slip) and the reimbursement was not deducted anywhere else on the income tax and benefit return.
Are you an employed artist or? Don’t miss out on tax credits that you may be eligible for: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/229/rtsts/menu-eng.html
2017 Automobile Deduction Limits and Expense Benefit Rates for Business The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes remains at $30,000 (plus applicable federal and provincial sales taxes) for purchases after 2002. This ceiling restricts the cost of a vehicle on which CCA may be claimed for business purposes. The limit on deductible leasing costs remains at $800 per month (plus applicable federal and provincial sales taxes) for leases entered into after 2002. This limit, which ensures that the level of deductions for leased and purchased vehicles is consistent, is one of two restrictions on the deduction of automobile lease payments. A separate restriction prorates deductible lease costs where the value of the vehicle exceeds the capital cost ceiling. The limit on the deduction of tax-exempt allowances paid by employers to employees remains at 54¢ per kilometre for the first 5,000 kilometres driven... View Article
We have 600 square feet of beautiful office or studio space for rent. Our beautiful building overlooks the Rose Garden at Gage Park. It’s a quiet – pet friendly building – perfect for a young professional. Here’s a link with pictures and all the information. Call the office if you or someone you know is interested in a tour! https://www.realtor.ca/Commercial/Retail/17688444/1051-MAIN-Street-East-Hamilton-Ontario-L8M1N5-Crown-Point