Commentary

  • Tax Tip – Medical Expenses and non custodial parent

    A parent or other guardian who does not live with, and/or have legal custody of a child might still be able to claim certain medical expenses on the child’s behalf.  If the taxpayer is providing for essential needs, factors such as support payments and expenditures for security and education will also be taken into account […]

  • Tax Tip – Adoption Tax Credit

    You may claim a tax credit to cover up to $10,000 worth of eligible adoption expenses for a child of the taxpayer, including non-reimbursed items such as fees paid to an adoption agency that is licensed in a province or territory, court costs, legal and administrative expenses; and reasonable travel and living expenses required to […]

  • Tax Tip Caregiver Tax Credit and EI Claim

    If you take time off work to care for a gravely ill or dying family member, including a parent, spouse or child, you may be eligible to be provided with empolyment insurance benefits of up to six weeks.  You may also claim the caregiver tax credit which reduces federal tax by up to $642 if […]

  • Ontario Tax Credit Changes

    In the past we have received refundable tax credits from the Ontario government for Sales Tax, Rent and Property Tax.  These will no longer be paid to you on your tax return.  The Ontario government will now calculate these credits separately and if you qualifity will pay them to you directly, in quarterly payments commencing in July […]

  • Tax Rules – Foreign Reporting of your holdings

    Did you know that if you have more than $100,000 in foreign assets you need to complete form T1135.  This applies if you had them at any time during the year.   This also applies to foreign assets held in your Canadian Investment and RRSP accounts so be sure to check closely, as well as foreign […]

  • Deduction of legal fees in a relationship breakdown

    In a recent tax court case, the court allowed a deduction for legal fees where the taxpayer made a bona fide claim for child custody which had a reasonable prospect of success.  The taxypayer did not get custody, and ended up paying support.  Because of the the application for custody, the legal expenses were allowed.  (Trignani vs […]

  • Beneficial Ownership – Change of Title on Property

    A recent technical interpretation by CRA notes that were there is a change in legal title on a property – in this case where the parent has title to an adult childs property (the beneficial ownership was with the child) – when the property title is transferred to the child no capital gain would be triggered.  It is […]

  • Tax Time Deadline Reminders

    Tax time is almost upon us.  Some important deadlines include; Most T’slips must be in the mail by February 28th – However keep in mind that if you have investments in mutual funds or trusts (T3’s) , or you have invested in limited liability partnerships (t5013’s) , they are not due to be mailed to you until March 31st!  So be sure […]

  • ON – CRA Issues Information Notice on HST and Housing Sales

    On July 1, 2010, Ontario will merge its provincial retail sales tax with the federal goods and services tax, to create a harmonized sales tax for the province. The Canada Revenue Agency recently issued a GST/HST Notice that reviews, in a question-and-answer format, the impact of the change on new housing rebates and sales of new […]

  • ON – Ontario Issues General Transitional Rules for Harmonized Sales Tax

    The Ontario Ministry of Revenue has issued the general transitional rules that will apply to transactions which straddle the implementation date of July 1, 2010 for the new harmonized sales tax. Overall, the HST would apply to goods and services purchased on or after July 1, 2010. In addition, consistent with the approach used in the […]

  • ON – New HST Exemptions Announced

    The Ontario Ministry of Revenue has announced that, when the harmonized sales tax is introduced in July 2010, point-of-sale exemptions will be provided for additional products. Specifically, Ontario consumers will not be required to pay the 8% provincial component of the HST on purchases of newspapers, or prepared foods and beverages sold for a total […]

  • ON – New HST Information Issued for Homebuyers and Housing Industry

    The Ontario Ministry of Revenue has published more information on the application of the proposed harmonized sales tax to the homebuilding industry. Sales Tax Information Notice No. 4, which is available on the Ministry’s Web site at http://www.rev.gov.on.ca/en/notices/hst/04.html, provides more details of the new housing rebate and the new rental housing rebate that were announced in […]