In the past few years, more and more federal and provincial benefits are based on Canadians filing their personal income taxes each year and filing them on time. Some benefits or refundable credits are available for a limited time. So, if you have not filed 2024 or...
If you are among the many Canadians that continue to look for and purchase Canadian products and services instead of American made, may I suggest you find out more about the tax software you normally use each year if you file your own tax returns. And if you prefer to...
The Manitoba government quietly and without announcing to the tax world or to executors, that they have increased the taxes on T3 Trust estate tax returns, retroactive to January 2025. Most T3 Trust returns in Manitoba are used to claim the income of the $2500 CPP...
Some ideas are time-sensitive, while others can help you start the new year on the right foot. Donations & Medical expenses Tax credits like donations and medical expenses are good year-end expenses to consider so you can benefit from the tax savings next Spring...
We will be holding at least one Advanced Care Planning presentation in November. If you are interested in attending, please call or email our office to be contacted when the date(s) and location are determined. We have one scheduled already for early November and it...
During the summer of 2025, CRA made three announcements about switching individuals and businesses to Online Mail only. Much of the information in this article is from CRA’s website. My own comments and information are in italics. Starting September 4, 2025, more...
On July 15, CRA made it much more difficult for tax professionals, like ourselves, to be authorized to gain access to new client’s CRA information so we can help them. For most of our existing clients, we already have CRA access to their account because they...
With the introduction of two new federal benefits in the past year, we now encourage young taxpayers to file a tax return a year earlier than normal. Up to now, the GST credit was available to young taxpayers only once then turned 19, so filing a tax return before you...
More changes have happened to our property tax bills for 2025 again. The property tax bills and the education credits have been different every year since about 2021. The credit for the education part of the property tax bill has been changed from $700 in 2020 to $525...
The Canada Disability Benefit first payments will begin July 2025! This long awaited and new federal benefit provides direct financial support to people with disabilities who are 18 to 64 years old. The first month of eligibility for the Canada Disability Benefit is...
Canadian Dental Care Plan (CDCP) members who currently have coverage under the plan need to renew their coverage before June 1, 2025. You can renew your coverage for the upcoming 2025 to 2026 period, after you have filed your 2024 tax return and received the notice of...
Pharmacare is the Government of Manitoba drug benefit program for eligible Manitobans, regardless of disease or age. The Pharmacare year is from April 1 to March 31 and the deductible is recalculated every year. Did you know you can request your Pharmacare Deductible...
As a resident of Canada and a Canadian taxpayer, you are required to report all the income you earned. For most taxpayers, it’s pretty easy to report their income since most people do get tax slips like T4s from their employer, or T4A from pensions, and tax slips from...
CRA has announced that all Charitable Donations made until February 28, 2025, will be allowed as a credit on your 2024 personal income tax return. This is all because of the four-week postal work stoppage mid November to mid December 2024. Normally only donations made...
This January, I want you to review your Will. But don’t do it by yourself. Have it reviewed by someone who has worked with many executors and has help probate many Wills. I’ve seen some great Wills and I’ve seen some nightmare do-it-yourself Wills. And if you do not...
Some strategies are time-sensitive, while others can help you start the new year on the right foot. RESP contributions Registered education savings plans (RESPs) are used to save for a child’s post-secondary education. Contributing to an RESP can give you access to...
Meet with like minded seniors to discuss and learn about all the documents we need to have, so we are “Good to Go”. We will be holding at least one Advanced Care Planning and Estate Planning workshop in November. If you are interested in attending, please call or...
We will be holding at least one Advanced Health Care Planning workshop in November. If you are interested in attending, please call or email our office to be contacted when the date(s) and location are determined. Could your documented and well-known end of life...
We have experienced a unusual situation this summer. For some seniors, their income has been reduced but their personal care home fees have gone up! How and why did this happen? Guaranteed Income Supplement The Guaranteed Income Supplement (GIS) has been reduced for...
Several years ago, in a client presentation, a lawyer stated that your Enduring Power of Attorney document may be more important than your Will. At that time, I did not realize how important their statement was. Since then, I have known a few clients who have become a...
Canadian Dental Care Plan– Seniors or Disability or Children Now Qualify Last December 2023, the federal government announced the introduction of the new Canadian Dental Care Plan (CDCP). The Plan will help make the cost of dental care more affordable for eligible...
Snowbirds US Tax Return Do you travel to the US for the winter for long periods of time? If so, you may need to file an exception to filing a US tax return that is due June 15 each year. If you don’t want to face some possible penalties, you may need to file a form...
Has Your Marital Status Changed? When your marital status changes, it is important to let various government agencies know. There are many benefits and programs that are based on family income, so these programs need to know about your change in marital status. When...
Bare Trusts: Property, Yes; Bank Accounts, No Some late-breaking good news from CRA Canada Revenue Agency. Reporting on most Bare Trusts is no longer required. On Thursday March 28, mid-afternoon, an announcement came from CRA: NEW – Bare trusts are exempt from trust...