Tax Planning

 Childcare Expenses General

The childcare expense deduction that a tax payer may claim for the 2014 year in respect to an eligible child, is defined by the  income tax act subsection 63  (3). These are expenses that must be included on the tax return of the lower earning family member. Eligible childcare costs include daycare, babysitting,  boarding schools and some camp expenses.   Read more... 

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Allowable business expenses for sole proprietors & partnerships

Allowable tax expenses are always a hot topic with our clients and rightfully so they provide a decrease to taxable income. This being said one needs to be careful what is being claimed as an allowable business expense to the CRA – (Canada Revenue Agency). As a general rule, a person may deduct any reasonable current expense that was paid in the course of earning business income. Read more.. 

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