One of the more common expenses claimed by taxpayers are automobile expenses (applies to any motor vehicle such as a van, bus, pickup truck, station wagon, SUV, or other truck). Many individuals use their automobile for work or business and incur personal expenses in doing so. It is important to note that only expenses of Read More
Management of your personal finances can be challenging. However, it is a necessary skill for those whose goal is to live debt-free and acquire wealth. There are specific and necessary steps to follow if financial independence is your goal.
Get Organized
If you are disorganized in your everyday life, you are apt to have difficulty following a Read More
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
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
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
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
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
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
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
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
