Tax Tips 21 Tax Tips #21 Charitable Donations Charitable donations over $200 per year are automatically eligible to carry forward and apply in the next 5 years, to maximize the refund amount. They are refunded to you at 15% on the first $200 and 29% on amounts over $200, so if you are donating any amount more than $200 on […]
Read More
Tax Tips 21 Tax Tips #20 iZEV programs (Incentives for Zero Emission Vehicles) To promote adoption of zero-emission vehicles on Canadian roadways the federal government is continuing the iZEV programs until 2025.. The incentive for purchasing a qualifying ZEV model is either $2,500 or $5,000 on vehicles that are short-range and under the price price limit of $55,000 (not including […]
Read More
Tax Tips 21 Tax Tips #19 Staycation The Ontario Staycation Credit allows for a 20% a refund on leisure short-term accommodations in Ontario, for taxpayers who are Ontario residents (on December 31, 2022). . The maximum claim (even for multiple staycations) including hotels, motels, campgrounds, AirBNB's, or resorts is $200 of up to $1,000 total receipts for an individual (single) or […]
Read More
Tax Tips 21 Tax Tips #18 Tax Slip T2202 Tuition Paid Tax receipts on tuition paid to post-secondary schools are reported to CRA for recent years but if you're catching up on multiple or older years you’ll want to get those receipts from the registrar office of your school. For most people your online student portal will have an accessible […]
Read More
Tax Tips 21 Tax Tips #17 Tax Advantages of Filing Common-Law or Married In Ontario, your official Common-Law start date is 12 months after you begin cohabitating in a conjugal relationship, or your baby's birth date if it’s within the first 12 months of living together.. Many of my clients have been mistakenly filing as Single instead of Common-Law, because […]
Read More
Tax Tips 21 Tax Tips #16 Kids: Birth Registration & Canada Child Benefit You can begin receiving Canada Child benefits within 8 weeks of having your child’s online birth registration application approved. The Canada Child Benefit can be a significant amount, and is paid monthly, so as soon as your child is born, it's a smart idea to register their […]
Read More
Tax Tips 21 Tax Tips #15 Paying Personal Rent / Property Taxes: (Trillium Benefits & OEPTC) If you pay rent or property taxes and your income is under the maximum qualifying amount, you can claim these amounts paid on your tax return to receive the Ontario Energy and Property Tax Credits portion of Trillium Benefits for Ontario residents. Even if […]
Read More
Tax Tips 21 Tax Tips #14 Self-Employment (T2125 worksheet) The most important thing to avoiding accidental overpayment of self-employed income taxes, is accurately managing your transactions throughout the year, so that at tax time it’s easy for you to know the exact amounts to claim. As much as you can, also keep printed or digital files of all your claimed […]
Read More
Tax Tips 21 Tax Tips #13 Metropasses Prior to June 30, 2017 taxpayers could claim the cost of monthly metropasses (the pass itself serves as your receipt/documentation), in a program intended to help encourage the use of environmentally friendly transportation. For more details and information, Please Click the CRA website here: Metropasses Join Our Newsletter Subscribe ❤ Follow us Facebook Twitter […]
Read More
Tax Tips 21 Tax Tips #12 Medical Expenses If you ever have a period where you or your dependant’s medical costs for the year exceed 3% of your net income (or $2421 minimum in 2021), you can claim your medical expenses for a deduction on income tax. Many people forget that a major medical expense like laser eye surgery or […]
Read More