Ontario has introduced a temporary staycation tax credit for 2022. You will receive a 20% tax credit on eligible accommodation expenses in Ontario. The maximum amount that can be submitted is $1,000 (a $200 credit) for an individual or $2,000 (a $400 credit) for a family. Save your detailed receipts as they will need to …
Author: Marie
There are two new methods introduced for employee’s claiming workspace in your home deductions on your 2020 tax return. Please note that use of the flat rate calculation method has been extended for the 2021 tax year. The first and easiest of these claims is the flat rate calculation method. To be eligible you must …
Teachers, early childhood educators and other eligible educators have a tax credit available to them for purchasing school supplies. This credit was expanded effective with the 2021 tax year. The list of eligible supplies was expanded. The credit itself also increased from 15% to 25% of up to $1,000 in eligible expenditures. This would equate …
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…
Quite often I am asked the question, “is it more beneficial for us to file our taxes as single individuals or as common-law spouses”. It usually comes as a big surprise when I let a couple know that this is actually not a decision that they get to make. It is actually a federal offense …
As of January 1, 2017, the federal education and textbook credits were eliminated. The Ontario tuition and education credit remained in effect through September 4, 2017. You can still carry forward unused amounts from previous years.
MyCRA is a mobile application which permits individual taxpayers to securely access and view key portions of their tax information such as their Notice of Assessment, tax return status and RRSP and TFSA contribution room. This tool also provides links to websites to help taxpayers check the dates that benefits and credits are issued, check …
*Reminder – 2017 is the final taxation year to use this credit* There is a first-time donors super credit available if you or your spouse have not claimed a charitable donation credit on your tax return since 2007. Make sure you submit your donation receipts. Donations made between March 20, 2013 and December 31 2017 …
Effective with your 2014 and subsequent tax years there has been an increase from $500 to $1,000 in the maximum amount of eligible fees per child you can claim. Update – Effective with the 2016 return, this credit has been reduced to $500 per child. It is eliminated entirely for your 2017 returns In addition, …
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 …