Records Retention If you run your own business, you are required to retain books and records that relate to a specific taxation year for a…

When Your Children Work for Your Business If your children help you run your business, you can pay them a reasonable salary and deduct it…

Individuals with Disabilities In addition to the disability tax credit, parents and others will be able to establish Registered Disability Savings Plans (RDSP) to provide…

Tradesperson’s Tools Deduction Many employed trades people must provide their own tools as a condition of employment. In recognition of this, an employed tradesperson is…

Home Office Expenses The income tax rules related to home office expenses (technically called “work-space-in-the-home expenses”) are similar for self-employed individuals and non-commissioned employees as…

Employment Medical Benefits In general, when employers provide employees with benefits in addition to their regular salary, the value of such benefits must be included…

Working Income Tax Benefit Low income individuals will be eligible for a refundable Working Income Tax Benefit (WITB) tax credit in 2015. You must be…

Deductions When You Move for Employment, Self Employment Work or School If you moved in 2015 for employment, self employment, or to attend a university…

Taxpayer Relief There are relief measures in place for taxpayers unable to comply with a particular income tax filing requirement. Under the Canada Revenue Agency’s…

Foreign Source Income If you are a Canadian resident and have received income from foreign sources, you must report this income in Canadian dollars on…