Are you aware that you can, in limited circumstances, deduct home office expenses? March 21, 2012 The Income Tax Act is quite specific in determining who can deduct home office expenses and what expenses qualify. A deduction for a workplace in the home is only available in one of the two following situations: The workspace…

Are you aware that Children’s Arts Tax Credit is available for non-artistic activities? April 11, 2012 New to 2011 is the Children’s Arts Tax Credit (“CATC”), which allows parents to benefit from their child’s enrolment in artistic, academic and cultural programs.  Similar to the Children’s Fitness credit, a parent can claim up to $500 per…

Do you currently have, or are looking to hire an apprentice? Do you know there are tax credits available if you do? April 18, 2012 The federal and Ontario governments are currently offering employers of apprentices tax credits with respect to the apprentices’ wages. The federal tax credit is equal to 10% of the eligible…

Are you aware that you can deduct expenses incurred to earn investment income? April 25, 2012 Most taxpayers are skeptical about deducting expenses.  The Canada Revenue Agency has been adept at informing taxpayers that there are few, if any, expenses that can be directly deducted in computing income.  While the ability to claim non-refundable tax…

Have you moved to start a new job or carry on your self-employed business? You may be able to claim moving expenses on your tax return! May 8, 2012 If you have moved to a new home to be employed or to carry on your self-employed business at a new location you can deduct eligible…

Have you been benefiting by redirecting a portion of your bonus to a health care spending account? July 9, 2012 Employer payments to a private health services plan (i.e. health insurance) for the benefit of an employee are generally not a taxable benefit. Where an employee was eligible to irrevocably elect to allocate a portion…

The eligible expenditure limit can have a huge impact on your tax credits from Scientific Research and Experimental Development (“SR&ED”) programs. Is your tax planning strategy taking this into consideration? December 11, 2012 As many small businesses involved in SR&ED activities know, the tax credits available can be a huge tax relief, and in some…

With the arrival of December we all become aware that the year-end is quickly approaching. December 17, 2012 Although most of us realize that paying taxes is part of life and essential to ensure that we continue with our current lifestyles, we don’t want to pay more than our fair share. We each should set…

Employee Status – How Can I Tell If I Am Self-Employed or an Employee? April 10, 2013 Of all the questions asked of our firm, the issue of one’s status as an employee or self-employed is the most frequent and hardest to answer. It is hard to answer because there are no hard and fast…

Can I Deduct Meal Expenses Before or After a Round of Golf? April 17, 2013 Perception is reality, especially Canada Revenue Agency’s perception of legitimate business entertainment versus pleasure. Traditionally, the CRA has taken a very strict view on entertaining clients, employees, and suppliers at clubs, camps, lodges, golf courses, and on yachts. Unless your…