We are officially in crunch time! You now have exactly two weeks to get your taxes done. The deadline bell strikes at 11:59 p.m. on April 30. Small business owners have different deadlines, of course. Incorporated owners go by their fiscal year, while sole proprietors have until June 15, but any taxes they owe will […]
It’s one little box on the first page of your T-1 income tax return. Don’t forget to tick it off. The little box allows you to apply for the GST/HST credit. Of course, in Alberta, we don’t have provincial or harmonized sales tax so only the GST will apply. The GST credit is a little financial […]
Not everyone has job with a great benefits plan that reimburses you for everything. Some of us, including the self-employed, may not have secondary coverage at all. And that means a lot of (or all) of our medical expenses come out of pocket. There is relief come tax season, though. You can claim a non-refundable […]
Many of our rural communities in Alberta are protected by volunteer firefighting forces. Without the bravery and dedication of our volunteer firefighters, our friends in outlying areas would have their lives and property at risk. So to them, we give thanks. And the federal government gives them a tip of the hat in a financial […]
Canadians are living longer than ever before. And as our population ages, some of our senior members need extra care. They may need to live with their children for support in their day-to-day living. Starting with the 2012 tax year, the Canada Revenue Agency introduced the Family Caregiver Amount, a non-refundable credit on an amount […]
A long time ago, when I was young and knew nothing, I served tables. At the end of each night, I happily pocketed a few meagre sheckels from our customers, grateful for the awful service I provided them. And thank goodness for everyone I decided not to make customers service a career. But I look […]
Rock ‘n’ roll, baby! What? Yes, it’s tax season. But that’s no reason to sing the blues. You do know musicians and other artists benefit with select tax benefits, right? Yes, you certainly do. According to the Canada Revenue Agency, you can claim your musical instrument if you are a self-employed musician or if your […]
It’s deadline day for RRSPs. What does that even mean? An RRSP is a retirement savings plan, registered with the Government of Canada and to which you and your spouse or common-law partner may contribute. As long as you keep the funds in your plan, the income you earn on your investment is tax-exempt, until […]