$750,000 Capital Gains Ddeduction

You can make use of the lifetime $750,000 capital gains deduction if you dispose of shares  in a qualified small business corporation, a qualified farm property, or a qualified fishing property. If you have already claimed the $100,000 personal capital gain exemption (ended in 1994) then this reduces the available lifetime capital gains to $650,000. Read More

By |December 9th, 2013|SmallBiz Builder, Tax Tips|

Use Capital Losses

You can use your 2013 capital losses to reduce your current year’s income taxes by  applying such losses against your 2013 capital gains. You must however be careful of the superficial loss rules preventing you from claiming a capital loss on an identical asset that you reacquired 30 days before or after the sale date.
If Read More

By |December 6th, 2013|SmallBiz Builder|

Eligible Deductions & Credits

If you pay the following expenses by December 31, 2013 they will be eligible for the deductions of credits:

Childcare expenses
Deductible support payments
Charitable donations
Union and professional dues
Moving expenses
Political donations
Accounting fees
Medical expenses
Investment counsel fees
Interest paid on loans used to purchase investments
Tuition fees
Children’s Fitness Expenses
Children’s artistic, cultural, recreational or developmental fees

By |December 4th, 2013|SmallBiz Builder|

Contribute to your RRSP

The most popular tax tool available to taxpayers is investing in a registered retirement saving plan (RRSP).
Contributions to RRSP’s are tax deductible and the income earned within the plan grows tax deferred until retirement. You can claim a contribution of up to 18% of 2013 earned income to a maximum of $23,820. Earned income is Read More

By |December 2nd, 2013|SmallBiz Builder, Tax Tips|