Articles: Archived News

Although the cost of purchasing and operating an automobile continues to rise, the federal government is holding most automobile expense deduction limits for 2003 at last year’s levels.

Want to make the most out of your retirement. Here are some tips to give your RRSP a boost.

If you are registered for GST/HST and use vehicles for commercial purposes you’re required to collect GST/HST on the sale of the vehicle.

Year end tax planning reduces taxes. Start off by evaluating your assets, salaries, bonuses and awards before the years end.

What happens when a supplier charges you GST and gives you his GST number? In most cases you are allowed to claim the GST paid as an input tax credit (ITC) on your GST return.

Calculate mutual fund income with caution. It’s easy to slip up when figuring out tax payable on income from non-registered mutual fund investments. While mutual funds are taxed in much the same manner as your other investments, some important differences exist.

Some people 65 years of age or older, as part of their estate planning process, are transferring assets at no tax cost to lifetime trusts such as alter ego or joint partner trusts. A key benefit is the avoidance of provincial probate fees required when transferring such assets through a will.

This is the time to consider a tax-loss sale. In the next few days review your stock market triumphs and disasters over the past 4 years. Sales of portfolio losers before year-end could generate a big tax refund. Stock market volatility and price declines during the past couple of years have stressed investors. Many stocks and … Read more

As a Canadian taxpayer you can claim a tax credit for medical expenses. The Income Tax Act cites a long list of eligible expenses, mostly for conventional therapies and treatments. What we think of as “alternative medicine,” however, occupies a zone of uncertainty in terms of tax treatment.