Understanding the tax impact of more affordable care Here’s the problem: your child-care expense deduction will decrease if you pay less to your child-care provider. As a result, your taxes payable will likely increase, depending on your income level. A reduced child-care expense...
In your case, Terry, it sounds like the sale of your half of the family cottage to your niece has already occurred. So, the key is figuring out what tax implications will result. Can a family cottage be exempt from capital gains? It depends....
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And after Tuesday’s intense bout of flash flooding in southern Ontario, some residents may be finding out the hard way that their insurance doesn’t cover flooding—and will be rushing to add that optional coverage to their policy for the future. Get personalized quotes...
How to use credit cards to save on your stay With the right loyalty points, you can stay in Orlando for free (resort and parking charges still apply). I always look at Marriott properties first, since I have a Marriott Bonvoy American Express...
There are a number of expenses that can be claimed to reduce the capital gain on your cottage, Louise. Capital expenses are an example. The Canada Revenue Agency (CRA) defines a capital expense as an expense that: Gives a lasting benefit or advantage; improves...
Here’s why that matters: In recent years, climate change has led to more frequent damaging rainfall events (such as severe downpours and thunderstorms), and certain regions are naturally prone to flooding. A flooded basement isn’t cheap to fix—in fact, the average cost...
Is gas driving inflation? The agency said gasoline prices rose 0.4% in June following a 5.6% jump in May. Excluding gasoline, the consumer price index rose 2.8% in June. StatCan said lower prices for durable goods also contributed to the overall slowdown in...
RESP contributions grow tax-deferred and are eligible for government grants and bonds. Withdrawals are partially taxable and partially tax-free. The taxable portion can be taxed to the post-secondary student, who may pay little to no tax on the income. Should you give your...
The job losses, which amount to around 800 positions, come during a turbulent year for the Toronto-based television and radio broadcaster, mired by advertising revenue declines, regulatory challenges and licensing battles. On Monday, Corus reported a loss attributable to shareholders of $769.9 million...