Tax Tips

Scientific Research and Experimental Development

Posted on February 28th, 2013 | 0 comments.
Does your company invest in Scientific Research and Experimentation? The governments of Canada and Ontario offer Scientific Research & Experimental Development tax credits and refunds, applied to developmental costs relating to new or improved products or processes. The calculation of these credits can be a cumbersome exercise and best left to ...

First Time Home Buyer Credits

Posted on February 28th, 2013 | 0 comments.
Are you a first time home buyer? There are a couple of tax credits you could make use of. First, it’s important to establish the CRA definition of a first time home buyer since it’s not as intuitive as some would think. A first time home buyer, according to the CRA, ...

Tuition, Education, and Textbook Amounts

Posted on February 28th, 2013 | 0 comments.
Are you attending or have you attended a post-secondary education inside or outside of Canada? Tuition, education and textbooks are a source of valuable credits for individuals who are attending university and/or college. Typically, individuals pursuing post secondary studies don’t earn sufficient income to claim these credits immediately and accordingly apply ...

Eligible Dependant Credit

Posted on February 28th, 2013 | 0 comments.
Do you live with an individual that you support? If so you may be able to claim the eligible dependant credit. One common instance involves parents who live with, and are being supported by their children. If the parent is earning a low enough income level such that they are not ...

Disability Tax Credit

Posted on February 28th, 2013 | 0 comments.
Do you know someone that has a disability? They may be eligible for the disability tax credit. The disability credit is a non-refundable tax credit designed to reduce the financial stress on an individual with a disability, or can be otherwise transferred to the caregiver of a dependant with disabilities. It’s been ...