Tax Tips: Medical Expenses Tax Credit

Canadian taxpayers are allowed to claim their medical expenses as a deduction subject to certain restrictions and limits.  Luckily your root canal and eyeglasses are deductible, but unfortunately your nose job is no longer eligible to be included in your medical expenses (cosmetic surgery was made ineligible as of March 5, 2010) nor is a hot tub that you install in your home, even if prescribed by your doctor.   Eligible medical expenses also have to reach a specific threshold before they can actually start reducing your taxes payable.  Details, pertaining to the medical tax credit, to keep in mind prior to deducting medical expenses are discussed below:
Read More
Comment

9 Tax Facts about Charitable Donations for Individuals and Small Business Owners

Every good act is charity. A man's true wealth hereafter is the good that he does in this world to his fellows. - Moliere

Unfortunately, the Canada Revenue Agency (CRA) has specific criteria for what qualifies as a charitable donation and not all good acts qualify for a tax benefit. Growing a moustache (although not without its costs) or supporting your charity case brother-in-law, are generally not considered to be a charitable donations according to the tax code. Luckily there are a multitude of charitable organizations that do qualify the donors to receive a tax credit for their donations.  Some details about the tax credit are discussed below:

Read More

3 Government Wage Subsidy Programs for Small Businesses

Budget limitations and inexperience can make hiring new employees a difficult decision for small business.  Happily the Government of Canada as well as the provincial governments have a variety of programs to stimulate hiring through tax credits and outright grants and subsidies.   Most popularly there is the Scientific Research and Experimental Development credit, which allows for substantial tax credits for businesses that engage in research and development  for businesses of all sizes.  For small business that are not not engaged in research and development, there are, however, several other, smaller programs that can both directly contribute to your bottom line and allow for expansion of your business.  Three of these are discussed below:

Read More
Comment