Home Buyers’ Amount

 

As a first-time home buyer, you may be able to claim $5,000 for the purchase of a qualifying home in 2017.

To qualify for the home buyers’ amount, you cannot have lived in another home owned by you or your spouse or common-law partner that year or in any of the preceding four years.

The qualifying home Read More

By |March 9th, 2018|Uncategorized|

Employer-Paid Disability Premiums

If you think that paying for your employee’s disability premiums is always a good thing, think again. If you provide your employees disability as a nontaxable fringe benefit, payments they receive upon their disability will be, in most cases, FULLY taxable to them!

Payments received due to disability are not taxable if:

Your employees paid the Read More

By |March 6th, 2018|Small Business Tips|

Steps for Managing Financial Hardships and Difficulties

One of the most disruptive things to happen in your life is a financial hardship. These can come in many different forms, like losing your job, poor investments, natural catastrophes and illness. It is important, if you should find yourself in any of these situations, to remain invested in identifying your next steps and making Read More

By |February 15th, 2018|Small Business Tips|

Marriage Breakdown – Tax Questions

Dear Uncle Bean:

My husband and I have decided to end our marriage.  We have been married for 7 years and have two small children.  How will this affect my taxes?

Distressed and Disturbed
Dear Distressed and Disturbed:
I am so, so sorry to hear about your situation.  Sometimes soul mates turn into soul duds.  Unfortunately, ending a marriage Read More

By |February 13th, 2018|Uncle Bean Tax Corner|

Common Law and Tax Implications Question

Dear Uncle Bean,

My boyfriend and I moved in together about a year ago.  He is telling me that we have to select common law on our personal tax return for this year.  I don’t want to do this because it is almost like saying that we are married.  I’m not sure that I am ready Read More

By |February 13th, 2018|Uncle Bean Tax Corner|

2018 Rates and Maximums Chart

CPP/QPP-2018 

Year’s Maximum Pensionable Earnings

Year’s Basic Exemption (by pay period type):
* Annual
* Monthly (12)

* Semi-Monthly (24)
* Bi-Weekly (26)
* Weekly (52)

Maximum Contributory Earnings
Contribution Rate – Employee/Employer
Contribution Rate – Self-Employed
Maximum Contribution – Employee/Employer
Maximum Contribution – Self-Employed

$55,900.00

$3,500.00
$291.66
$145.83
$134.61
$67.30

$52,400.00
4.95%
9.9%
$2,593.80
$5,187.60

TD1-PERSONAL TAX CREDIT RETURN (FEDERAL)-2018

Basic Personal Amount
Eligible Dependent or Spouse or Common-Law Partner Amount
Pension Income Amount
Age 65 Amount
Disability Amount
Canada Caregiver Amount
Family Caregiver Amount for children under Read More

By |February 9th, 2018|Small Business Tips, SmallBiz Builder|

2018 Indexation Adjustment for Personal Income Tax and Benefit Amounts

On January 1, 2018, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 1.5%. The Canada Child Benefit and the goods and services tax credit will take effect July 1, 2018.

For 2018 the federal tax bracket thresholds are:
* 15% for taxable income between Read More

By |February 9th, 2018|Tax Tips|

2018 Automobile Deduction Limits and Expense Benefit Rates for Business

Are you ready for change? NOW is the time to prepare for tax reform, as every taxpayer will be affected by the new legislation beginning in 2018. Will you see an increase or decrease in your taxes? Will your tax return become simplified or more complicated?The ceiling on the capital cost of passenger vehicles for capital cost Read More

By |February 9th, 2018|Small Business Tips, Tax Tips|

Feds Clarify Income Sprinkling Proposal

We’d like to share the following article from Advisor.ca, clarifying the rules for income sprinkling:

“The federal government provided revised income sprinkling measures Wednesday, offering clarity about how its controversial changes to the Income Tax Act will be implemented.

The feds “have significantly narrowed the scope, and they’ve provided clarity,” says Dave Walsh, partner and tax service Read More

By |February 2nd, 2018|The Library|

5 Federal Tax Tips for Retail Businesses

With the recent oil price downturn in Calgary and the increase in labor costs, many businesses are looking for ways to save on their taxes and keep their doors open. Here are five ways that retail business owners can potentially save on income taxes and increase their profitability.
Family Member Worker Expenses
Wages that business owners pay Read More

By |January 15th, 2018|Small Business Tips, Tax Tips|