Category Archives: Tax

Understanding Tax Basics

It is no mystery that we all hate filing our taxes. The confusion surrounding CRA regulations, the feeling you are paying too much and the frustration of not understanding deductions is enough to drive anyone mad. However, understanding the basic purpose of Canada’s tax system may lessen your stress. We all know that taxes are

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Automobile and Motor Vehicle Benefits for Employees

If you are an employee that uses your own vehicle for work and is refunded by your company for that use, such as paying for fuel and wear and tear, then this reimbursement may qualify you for taxable motor vehicle benefits. An allowance is any payment that employees receive from an employer for using their own

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Home Office Tax Deductions

If you currently work from home make sure you are taking advantage of a large range of potential savings you can find in home office tax deductions. As an employee that works from home it is very difficult to claim any expenses for your home office as there are a large list of conditions that

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Tax Credits for Volunteer Firefighters

If you are volunteer firefighter who has dedicated over 200 hours in a year to firefighting services such as responding to calls and attending trainings you could be eligible for a CRA tax credit. This tax credit for volunteer firefighters could potentially save you up to $450 on your taxes. You can claim up to

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This Years Tax Returns can Benefit your Grandchildren

This year your tax returns can benefit your grandchildren. The Globe and Mail has recently released an article outlining the benefits of placing this years tax returns into a Registered Education Savings Plan for your grandchildren. If you are debt free and receiving a tax refund, placing that refund in a tax sheltered RESP for your

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