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...
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...
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...
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...
