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Tuition Tax Credit

February 7, 2022
Tuition Tax Credit If you paid tuition in 2021 for a post-secondary institution in Canada, you might qualify for a tuition tax credit. Our team of accountants can help you determine if you are eligible and how it will impact your return.  Here’s the breakdown: If the student went to a post-secondary school in Canada in 2021, the student is over the age of 16, and you paid tuition fees for the student (yourself, your child, a family member) without being reimbursed, you may be eligible to claim the tuition for a tax credit on your return.  This could be…
  Uncashed Cheques through CRA My Account You might just have money waiting to be cashed! ⁠Quickly see if you have any uncashed cheques from CRA through your CRA My Account. ⁠⁠ Select "Uncashed cheques" in your My Account under related services. ⁠ If you have an uncashed cheque, ask CRA for a duplicate payment by selecting and completing the displayed form. Send the form using the "Submit documents" digital service.⁠⁠It's that simple!⁠  Source: CRA Website Uncashed cheques from the Canada Revenue Agency There are many reasons Canadians may have an uncashed cheque from the Canada Revenue Agency (CRA). For…
  Enhanced Support for Teachers Education and teachers are really important to us here at Cahill CPA- our partner’s wife Crystal Cahill is a teacher herself! We know firsthand how educators spend so much of their own money on their classrooms & for their students, so we wanted to remind you about the refundable tax credit available to teachers. Although it isn’t much, it could make a small difference to your return this year.  Some important changes or points to note:  This was previously 15% of your expenses, and is now 25%. Up to a maximum of $1000.  Even if…
  Update For Home Office Expenses Here’s the breakdown. Basically, if you worked from home this last year due to Covid-19, you may be eligible to claim home office expenses. Good news: the flat rate method is UP this year- meaning you can now claim up to $500 (up from $400).  This is an important expense to discuss with your accountant come tax time, and we can help you determine if you are eligible to claim, how much, and how it will impact your return.  Here are the details from CRA: Changes to the Temporary Flat Rate Method: The temporary…
Find all the e-services available to you and your business here: CRA E-Services  Below we've listed many of the services and programs available to you online, through your CRA My Business Account. For the extensive list, be sure to check their website. If you have any questions about online services for your business, don't hesitate to ask.  From CRA:  Our online services make it faster and easier to handle your company's tax matters. You, your employee, or your representative can file, pay, and access detailed information about your tax accounts - all online, all at your fingertips. Save time -…
If you are a business owner, and have thought about passing along your business or shares of your business to a family member, this announcement is for you!  According to a recent article in MoneyWise by Clayton Jarvis, there have been recent changes that will make a big difference to the selling of shares of your business to a family member.  Below are some of the key points to note. If you have questions about this, and how it could impact your business & your family, be sure to ask us.  Excerpts from: New law means significant tax relief when…
CEBA Loan Forgiveness Repayment Deadline Extended Big news for businesses who have received CEBA: the Canadian Government has extended the loan forgiveness repayment deadline. During this global pandemic, CEBA has been used by over 900,000 Canadian businesses, so it is safe to say that this announcement will be good news for many.  According to the news release from CRA:  On January 12, 2022 it was announced that the repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing. This extension will…
  Effective Estate Planning Along with BlueShore Financial & Veritas Law, Janice Tai presented at a recent seminar on the topic of Effective Estate Planning. Our senior accountants Julia Parciak and Jasmine Lille also prepared and presented at this event.  Our team specializes in estate planning and tax. We understand the importance of protecting the interests of your family and loved ones, while also managing estate taxes and probate fees. Having an estate plan is an important part of your overall financial strategy, regardless of age.  The experienced staff at BlueShore Financial reminded our attendees that as you acquire more…

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