Did you have to pay a large medical bill for your dependent?  Perhaps you modified a van for a disabled parent, or paid nursing home fees for your aunt?

In the past, you were limited to claiming only $10,000 in medical expenses for adult dependents.  That limit has been lifted beginning in tax year 2011.

Filed under: Personal Tax by David Boese No Comments »

This is a hugely popular tax credit (and we haven’t even had a chance to claim it yet!)  Starting with 2011, Volunteer Firefighters may be eligible to claim a new non-refundable tax credit. The tax credit is for $3,000, so based on our current federal tax rate of 15%, that translates into actual tax savings of $450.

And don’t forget, if you live in Nova Scotia you can also claim the $500 refundable Nova Scotia Firefighters Tax Credit. Combined together, this results in total annual tax savings of $950!

Filed under: Personal Tax by David Boese No Comments »

I recently talked about the CPP changes that are coming in 2012. I want to stress again that these are important changes.  Whether you are an employee or an employer, you need to take the time to read about these changes.

Canada Revenue Agency thinks they are important too…. so they are holding a webinar on December 7.  Consider joining the webinar if you have any questions on this topic.  If you can’t make it, you can view the slides here:


Filed under: Business tax, Other tips, Personal Tax by David Boese No Comments »

This is an important reminder of the CPP changes coming on January 1st 2012.  We’ve had over a year to prepare for them, but it’s a good idea to read about these changes again to make sure you’ve got it all covered.

Here’s a good place to start:  www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/clcltng/cpp-rpc/cppchng-wh-eng.html

Be sure to catch this:

Under the new rules, an employee who works and receives a CPP or QPP retirement pension will now have to contribute to the CPP if he or she is:

  • 60 to 65 years of age;
  • 65 to 70 years of age, unless the employee has filed an election with you or another employer to stop paying CPP contributions (the election will take effect on the first day of the month following the month the employee provides you with a completed and signed election form);
  • 65 to 70 years of age, if the employee revoked his or her election to stop paying CPP contributions in 2013 or later.

Employers, be proactive and check with your employees ahead of time.  If they are  65 or over, do they want to pay into the CPP or not?  Get the elections in place.

Filed under: Business tax, Personal Tax by David Boese 1 Comment »