Canadians are fortunate to benefit from a robust universal healthcare system. However, certain medical and dental expenses not covered by provincial plans can qualify for tax deductions, potentially reducing your tax burden. This article delves into the intricacies of...

The 2024 Canadian federal budget, delivered in April, focused on economic recovery and long-term growth. While overall tax rates remained unchanged, several key measures aimed to incentivize investment, support entrepreneurs, and address affordability concerns. Let's...

As the calendar flips towards spring, tax season looms large for Canadians. Knowing the deadlines for filing your return can help you avoid unnecessary stress and potential penalties. This article delves into the key dates associated with filing your 2023 tax return...

A November 8, 2023 Tax Court of Canada case considered whether a taxpayer’s losses from farming activities deductible against non-farming income were restricted to the $17,500 ($2,500 plus half of the next $30,000) permitted by the restricted farm loss rules for the...

On December 11, 2023, Health Canada issued details on the Canada dental care plan that would cover a wide variety of dental services for certain Canadian residents. The plan will be rolled out from late 2023 to 2025. To be eligible, the individual and their spouse or...

Changes requiring more trusts (and estates) to file tax returns and more information to be disclosed, first proposed in the 2018 Federal Budget, were delayed several times in the legislative process. The final rules (that are now law) first apply for 2023, with a...

In June 2019, amendments to the Canada Business Corporations Act (the CBCA) came into effect, requiring most non-publicly traded CBCA corporations to prepare and maintain a register (the ISC Register) of individuals with significant control over the corporation...

Various automobile deductions and taxable benefit rates are limited to amounts prescribed by the Department of Finance annually. On December 18, 2023, the 2024 limits were announced as follows: The limit on the deduction for non-taxable allowances paid by an employer...