tax credit

DONATION OF PRIVATE CORPORATION SHARES OR REAL ESTATE

After significant efforts by the charitable sector, the 2015 Federal Budget proposed to allow an exemption from capital gains tax if proceeds of sale of private corporation shares or real estate are donated to charity within 30 days after disposition. This was great news for ...

Comments Off | Posted in Charitable Giving,Estate Planning,Financial Planning for Business Owners,Latest News August 03, 2015

PLAN YOUR CHARITABLE DONATIONS BEFORE YEAR END

To be able to claim a tax credit for charitable donations on your 2015 tax return you need to make your donations by December 31, 2015. Donations made to charities in Canada are eligible for a charitable donation tax credit. The first $200 of your ...

Comments Off | Posted in Charitable Giving,Estate Planning,Latest News,Retirement Planning,Tax Planning March 30, 2015

TRIGGER PENSION INCOME IF YOU ARE OVER AGE 65

If you are 65 or older, you should ensure that you generate at least $2,000 of eligible pension income each year, even if you do not need the extra income. This will allow you ...

Comments Off | Posted in Latest News,Retirement Planning,Tax Planning March 24, 2015

Ontario Tuition Grant

More than 300,000 college and university students in Ontario whose parents' income is less than $160,000 are now eligible to apply for the Ontario Tuition Grant. This is a new program that will provide a 30 per cent tuition rebate to qualified students and aims ...

Comments Off | Posted in Financial Planning for Business Owners,Tax Planning January 23, 2012

Changes to the Medical Expense Tax Credit

If you were considering cosmetic surgery, teeth whitening, hair transplants or Botox injections and hoping that the expenses would be eligible for the Medical Expense Tax Credit, you may be too late. In 2010, the Medical Expense Tax Credit reduces the federal tax of a claimant ...

Comments Off | Posted in Financial Planning for Business Owners,Group Insurance,Health Spending Accounts April 22, 2010

Home Renovation Tax Credit

One of the new measures introduced by the 2009 federal budget was the Home Renovation Tax Credit. This non-refundable tax credit can be claimed if you make certain renovations to an eligible residence after January 27th, 2009 but before Feb.1, 2010. The credit will apply ...

Comments Off | Posted in Tax Planning November 10, 2009