Year-end strategies to enhance your charitable giving and tax planning

As we move toward the end of the year, we approach the season of giving.  Many Canadians also increase their charitable giving during this period.  However, not everyone is maximizing their giving in the most tax-efficient way.   Whether it’s a continuation of donations made throughout the year, or an initial donation, there are several strategies to consider when donating prior to the end of the year.  
Read More

Can I deduct home office expenses on my tax return?

With the physical distancing measures in place due to the spread of the COVID-19 virus, many Canadians are now working from home. If working from home is new for you, you may be wondering whether there are any tax deductions you can claim. As well as which expenses would be eligible and what documentation would be required.
Read More

Keep your receipts! You may need it to support the cost base of your property

Planning to renovate your home or cottage? If so, you should keep your receipts in case you ever need to support the cost base of your property. Generally, Canadians have not been required to report the cost base of a principal residence that is sold on their tax return. But that changed a few years ago. It’s a good idea to collect documentation that supports the cost of your properties, especially if you have more than one property.
Read More
Subscribe to Tax Planning