On March 18, 2020, Prime Minister Justin Trudeau announced the government is introducing an economic aid package to help Canadians and businesses cope with the COVID-19 pandemic. The package provides up to $27 billion in direct supports to workers and businesses, and $55 billion to meet liquidity needs of Canadian businesses and households through tax
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Jiwan Dhillon
February 11, 2019
Employment Expenses (Quick Summary)
Many people do not realize that they may be eligible to deduct expenses related to their employment. It is not necessary that you have to be self-employed. You can do so if your employment required you to pay the expenses and you were not reimbursed. For Example 1) You work as a tradesman and occasionally
February 4, 2019
Should Canadians be Putting their Money into a TFSA?
Now that the Tax-Free Savings Account (TFSA) contribution limit has grown to $6,000 per year, this has the potential to help Canadians save more of their income. As an increase from $5,500/year in 2018, for those fortunate enough to have money to put towards savings, investing in a TFSA is a smart move for several
January 28, 2019
Property Assessments and The Home Owner Grant
The Increase in Property Assessments Home owners must have noticed the assessed value of their properties rising drastically, with an average of 30% to 50% for most single-family homes. This increase in property values has owners worried that their property taxes will also increase in proportion with the assessed values. However, property assessments do not
January 21, 2019
Changes to your Tax Return
Changes to your Tax Return Filing your taxes can be a simple or complex process depending on each person’s circumstances. Sometimes, people can forget to provide their accountant with certain documents. These documents can be in the form of a T4 slip from the place you worked for one day, or the receipt for your
January 14, 2019
Disputing a Tax Assessment
It is common for individuals to face situations where they do not agree with a tax assessment. This can be caused by processing error or different interpretations of the same set of information. Thankfully, there are options for individuals to dispute the assessment(s). This can be in the form of a “Notice of Objection.” If
August 28, 2018
The Disability Tax Credit
In our experience many people do not realize that they or a loved one may qualify for a Disability Tax Credit. This credit reduces your tax payable which therefore increases your refund. We understand money cannot necessarily make things better, but it can increase their quality of life through better care. This credit can be
February 7, 2018
Medical Expenses You May Not Know About
Medical Expenses Most individuals realize that costs associated with prescription medicines, prescription lenses, and dental expenses are all valid. In our experience, there are many aspects of medical expenses that individuals may not be aware of. For example, medical expenses paid outside Canada can be claimed. The following are some insights that may help reduce
January 21, 2018
How To Structure A New Business
Starting a business is a big step on the path to financial freedom. In our experience many individuals do not properly plan the structure that is best suited for their business. It is generally advisable to start as a sole proprietorship or partnership as the costs associated with corporations can be significantly higher. Factors such
January 7, 2018
The Registered Disability Savings Plan
Planning for the future when having limited earning capabilities can be difficult and a cause of concern for those affected. The Canadian Government introduced a program in 2008 to help those individuals that qualify for the Disability Tax Credit. The Registered Disability Savings Plan is a tax deferred savings vehicle that assists in planning for