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Feb 4, 2016 / by laren / In Uncategorized / Leave a comment

What are child care expenses?

Child care expenses are amounts you or another person paid to have someone look after an eligible child so that you or the other person could: earn income from employment; carry on a business either alone or as an active partner; attend school under the conditions identified under Educational program; or carry on research or […]

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Feb 4, 2016 / by laren / In Uncategorized / Leave a comment

Completing your tax return

Enter on line 370 of Schedule 1, Federal Tax, the total amount of allowable expenses paid for each eligible child (maximum of $500 per child). Enter an additional amount of $500 per child for each eligible child who qualifies for the disability tax credit and for whom you have paid a minimum of $100 in allowable expenses. You can […]

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Feb 4, 2016 / by laren / In Uncategorized / Leave a comment

The Tax-Free Savings Account

Saving just got a whole lot easier! The Tax-Free Savings Account (TFSA) program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount […]

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Jan 31, 2016 / by laren / In Uncategorized / 1 Comment

RRSP vs. TFSA: Which is right for you?

Not sure whether to use an RRSP or TFSA for your retirement savings? That’s a common question. In general, those earning a low income (under $35,000 or so) should favour the TFSA, while high-income earners are likely to be better off with an RRSP. For those earning a moderate income, however, it’s a coin flip. […]

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