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The average individual that is reaching retirement age and has worked for the majority of their years, they speculate that they will be receiving their old age Security income as well as their Canada pension plan. They may at this point in time start looking at what these amounts are so they will have…
If for whatever reason you are not familiar with the concept of tax instalments, don’t worry, many people aren’t. If you work a regular job for a specific company, your tax deductions will be automatic throughout the year, taken off your paycheque, ensuring that at the end of the financial year (April) when you…
So many people are sick of paying high taxes that they have gotten to a point where they are no longer enthusiastic about investing. They ask themselves why bother when the government is only going to take it off them anyway. They don’t want the hassles of tying up their hard earned money…
In the next few months as the current year comes to a close many people like to sort through all of their documentation, and get it in order so they can get their taxes done early in the new year. Often this means getting rid of a lot of unnecessary documentation. It is really…
Basically the Canada tax system is one that is based on a honour system or as they call it a self-assessment system. This means that that you are compelled to file your taxes every year but it is based on your income and all the deductions that you can claim as is all done…
Every person no matter where they are living in Canada has a certain amount of expenses. The basic necessities are food, clothing, and shelter. It has been determined that the average household cost for this ranges around $28,887. A recent study also shows that a normal Canadian family is in the earning bracket of around…
It doesn’t appear as though there is anything newer than the senior tax breaks that we outlined in the Economic Action Plan 2015. Basically these all evolve around the pension income splitting, the family caregiver amounts, and includes amounts for public transit as well as the disability tax credit. It also covers the…
Of course no parent decides to bring children into their lives just because there may be some tax benefits from having kids. Also, these tax incentives for families with children should not go unclaimed. Yet in many cases some families do miss out on the potential tax credits that they are eligible for. This can…
