Canada Attendant Care Expenses Deduction

Attendant care expenses in Canada refer to the cost of personal care services for individuals with physical or mental disabilities. These expenses may include the cost of in-home care, respite care, or specialized care services. Examples of attendant care expenses include: The cost of attendant care expenses can vary greatly based on the type of… View Article

The Tax-Free First Home Savings Account (FHSA)

Tax-Free First Home Savings Account (FHSA) gives a prospective first-time home buyer theability to save $40,000 on a tax-free basis. FHSA has an $8,000 annual contribution limit inaddition to a $40,000 lifetime contribution limit.To open an FHSA, an individual must be a resident of Canada, at least 18 years of age and havenot owned a… View Article

2024 TFSA Limit announced by CRA

TFSA is one of the best ways to save tax on savings and investments. Each year CRA announces a TFSA threshold that applies to everyone that tax year. Your own TFSA limit is calculated by summing up TFSA limits for each year you have worked in Canada over the age of 18 since TFSA introduction… View Article

Rental Expense Deductions – Rental Property Income Filing (T776)

With rents going up in recent months in Vancouver and nearby areas we get a lot of landlords who are unaware of the rental expense deductions available. There are two main types of expenses – Current expenses and capital expenses. A current expense usually triggers again after a short period while a capital expense generally… View Article

Moving Expenses Tax Deductions (T1-M)

Summer is almost here and its the most popular moving time of the year. During this period and tax time we get this common question about the moving expense tax deductions. Many have a misconception of being able to claim the entire amount spent on moving. This is not true. Below is a summary of… View Article

Work From Home Tax Deduction (T777-WS)

It is time to file personal taxes for 2022 and one of common deduction in 2022 is the work from home expense deduction. And most of our clients have this question : to use the flat rate method or to use the detailed method? Below is a quick explanation Temporary flat rate method This simplies… View Article

Canadian Tax Filing Checklist

We are in the peak tax season and below is a list of things we recommend collecting and bringing with you when you come to file your taxes. This makes sure you get the maximum tax return and saves time and effort in filing taxes. Have questions on if you are eligible or if an… View Article

Digital News Subscription Tax Credit

Have you been subscribed to an online news service in the last tax year? Now you can claim tax credits on the amount you paid. Federal government introduced this tax credit to encourage Canadian journalism. if you had a subscription – all you have to do is to declare it on your tax return and… View Article

CRA Myaccount new feature : Stay logged on for 8 hours without Multi-Factor Authentication

One of the changes for tax year 2021 filing in year 2022 tax season is that CRA has now made an option to forego multi-factor authentication (Second level login by sending a text message to your phone) for 8 hours on one device. You can easily opt in for this feature by logging in –… View Article