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Year-end planning for medical expense claims While the current state of the Canadian healthcare system is far from perfect, Canadians are nonetheless fortunate to have a publicly funded healthcare system, in which most major medical expenses are covered by provincial healthcare plans. Notwithstanding, there is a large (and growing) number of medical and para-medical costs […]

Claiming the Canada Child Benefit (September 2024) Canada’s tax system is a self-assessing one, meaning that the onus rests on individual taxpayers to file their annual return each spring and to pay any amounts owed. The compliance rate in Canada is high – most Canadian taxpayers comply with those tax obligations, filing returns and making

When help is available under the CRA’s Taxpayer Relief Provisions Canada’s tax system is a self-assessing one, meaning that the onus rests on individual taxpayers to file their annual return each spring and to pay any amounts owed. The compliance rate in Canada is high – most Canadian taxpayers comply with those tax obligations, filing

Deciding when to begin receiving Old Age Security benefits The past five years have been a tough financial slog for most Canadian families, as they struggled to cope with the pandemic, followed by inflation which tripled from under 2% in mid-2020 to over 6% by the end of 2022, and, finally, interest rate increases which

When are legal fees deductible? In most cases, the need to seek out and obtain legal services (and to pay for them) is associated with life’s more unwelcome occurrences and experiences – a divorce, a dispute over a family estate, or a job loss. The only thing that mitigates the pain of paying legal fees

Some Tax Breaks For The Upcoming Post-Secondary School Year By the middle of August, most students who are beginning post-secondary education this fall have hopefully received an offer of admission from their college or university of choice and are in the final stages of planning the move away from the family home for the first

Making the RRSP decision when you turn 71 During the 2024 calendar year, hundreds of thousands of Canadians will reach their 71st birthday, and a significant percentage of that group are likely to have saved money for retirement through a registered retirement savings plan (RRSP). Every one of those individuals, whether they are retired, partly retired,

Another option for retirement income planning Most Canadians contemplate retirement with a mixture of anticipation and trepidation. While the benefits of an end to the day-to-day grind of work and commuting (while also having more free time to spend with family and friends) are undeniable, giving up a regular paycheque also means experiencing a degree