Category Archives: Personal Income Tax

If you are a teacher or early childhood educator employed at an elementary or secondary school, or at a regulated child care facility, you may be eligible to claim the Eligible Educator School Supply Tax Credit. The credit is worth a maximum tax savings of $150. You will need to keep receipts for the purchases…

You can start receiving your Canada Pension Plan retirement benefits anytime between 60 and 70. If you start collecting before 65, your benefits will be reduced by 7.2% per year. If you start collecting your benefit after 65, your benefits are increased by 8.4% per year. The result is that if you start taking your…

If you are the trustee for an estate (executor/executrix) remember that any fees paid to you or other trustees are considered to be income of the recipient. The amounts are either income from business, or income from employment. If the trustee fees are considered to be a result of employment, the trust must withhold income…

CRA often reviews claims for expenses related to an office in the home of a business or profession. If you want to claim these expenses, your home office must be either the primary place of business or, you have to meet your customers or clients at your home office regularly. If you have another location…