If you have children and need to pay someone to care for them, even part-time, this could mean huge tax savings. Lorn Kutner of Deloitte tells us what we can claim and how much.
If you are self-employed, you may invest in private supplemental health insurance for you and your family. Although it's eligible to be claimed as a medical expense, as Myron Knodel of Investor's Group tells us, some business owners may see greater tax savings by claiming it as a business expense.
No one enjoys being audited, but they're a necessary evil. If you find yourself being flagged for an audit, take note of these tips from Myron Knodel of Investor's Group
You have to pay your utilities and home insurance anyway, why not deduct them on your taxes? Having a home office can be a great tax benefit of being self-employed. Gena Katz of Ernst & Young shows us what can be claimed and how much.
If you own a business, maybe you are wondering if it's worth it to contribute to an RRSP. Don Carson of MNP shows us that an RRSP might not be the best investment vehicle for the self-employed.
Believe it or not, you don't have to get it right the first time. If you missed that deduction—even a few years ago, Lorn Kutner of Deloitte shows us that the money can still be claimed.
Are you a small business owner that is looking to maximize tax savings? Incorporation may be a good idea. Gary Dent of Grant Thornton gives the pros and cons of incorporation.
Giving to a charity can yield some great tax deductions, but sometimes your charitable donation can work for you even more. Gary Dent of Grant Thornton gives us a few options when donating to a charity.
At the time of your death, there is a legal process to approve your will and confirm your executors. This is called "Probate", and there is a fee or tax charged. As Don Carson of MNP tells us, with a little planning Probate Tax can be minimized.
Testamentary Trusts can be a useful tool while estate planning. For those in a high tax bracket using a trust, rather than leaving assets to an individual can save tax. Cara Williams of PWC in Vancouver, sheds some light on the process.
By moving around your cash flow and debt, you may be able to make more of your interest tax deductible. As Myron Knodel of Investor's Group explains, for business owners, it might be as simple as opening up a new line of credit.
Charity donations can mean some big tax savings, but there are ways to maximize those savings even more. Jason Safar of PWC shows us a strategy that may rethink the way you donate.
If you are a US Citizen living in Canada or married to one, you should know that US social security benefits aren't completely taxable. Karen Slezak of Crowe Soberman gives us some insider tips for those receiving Social Security benefits that could save you some tax.
Does this year's tax return look a little strange? Maybe last year you owed, and this year it appears you're getting back a sizable amount? Tim Cestnick of Waterstreet Group shows you how to compare your returns so that you ensure that everything is correct.
If you are a US citizen residing in Canada, you have filing obligations for Revenue Canada and the IRS. Gary Dent of Grant Thornton introduces us to a few US tax programs that might make compliance a little easier.
If you have a company, distributing dividends to family members can be a great way to reduce your tax hit. Jason Safar of PWC tells us how it can be done, and when it can be beneficial.
Even though we have medical coverage in Canada, sometimes out-of-pocket expenses are incurred. Stella Gasparro of MNP tells us what can be deductible when you file your return.