Shaelene’s Tax Tip of the Week – October 25th

Books In Line

Did you know?

Did you know you can use childcare expenses to lower your taxable income? Examples of childcare expenses include daycares, summer camps, overnight boarding schools and in-home providers like nannies. The government allows you to claim up to $8,000 for kids under age 7 and up to $5,000 for children aged 7 to 16.

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Shaelene’s Tax Tip of the Week – October 18th

Books In Line

Did you know?

If you have a teen that works, receive T4s and makes charitable donations, you can claim those donations for your own tax return. “File together as a family, as this will allow you to claim all the family credits you are eligible for – and so that, yes, you can claim your children’s charitable donations as a family on the return which will provide the best tax result. That means more possible savings for your family as a whole.”

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Shaelene’s Tax Tip of the Week – September 13th

Books In Line

Did you know?

The moment you start bringing in income, you should create a budget for taxes. Unlike salaried employees, payroll deductions such as Canada Pension Plan (CPP) and income taxes are not withheld at source. Therefore, it is crucial you set aside funds for the employer and employee portion of CPP (9.9%) that you’re required to contribute to by the annual deadline (April 30th).

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Tax tip found here.