Tax news

Updated January 24, 2021

COVID-19 and Taxes

Personal and Business tax information

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RRSPs

The deadline for contributing to your own or your spousal RRSP is March 1st, 2021…

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Children and Families

The Federal and Ontario Children’s Fitness and Arts Tax Credit has been eliminated.

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Students

Tuition fees paid to accredited post-secondary schools and reported on a Tuition Tax Credit form (T2202A) are deductible…

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Medical Expenses

In general, medical expenses are often overlooked. This is one area where taxpayers should be careful to keep receipts…

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Canada Pension Plan

Self-employed individuals – you are contributing to the CPP and may not notice it; it’s included as part of the tax calculations…

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Corporations

News specific to small-business corporations. What to file and when, how to take money out of your corporation. Learn or refresh…

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Tax Free Savings

The TFSA contribution limit for 2020 and 2021 is $6,000…

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Tax Scams

There are a number of scams making the rounds in recent months and we have had more inquiries than ever…

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Federal Tax

New tax rates…

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Income

Most income is taxable, and it’s probably best to assume that income received will be taxed.  That said, it may be interesting to learn what types of income are not taxable.

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