Covid-19

This is a time of year when Kennedy Accounting Services is always busy but never like this. Please know that I am reviewing and studying all economic benefits as they come out so that both my business and income tax clients can take full advantage of everything that is offered…

Starting with your 2016 tax returns, teachers and early childhood educators have a tax credit available to them for purchasing school supplies. This credit allows you to claim a 15% refundable tax credit based on your purchase of eligible teaching supplies up to $1,000. This would equate to a tax credit of up to $150. …

Teacher and Early Childhood Educator School Supply Tax CreditRead More »

Have you been required to travel out of the area (more than 40km) for medical procedures or appointments? Make note of these trips and the km you traveled as you are entitled to claim a set per km amount for each trip. You must also obtain a note from your Doctor stating that you were …

Medical TravelRead More »

Ensure all of your slips are handed in for inclusion on your return. If CRA finds a slip was not included and must reassess you later in the year, they will assess an immediate 10% penalty of the income stated on the slip for a first offense and 20% for offenses after that.