To sustain increased spending on health care, the provincial government is raising MSP premium rates by 4% effective January 2015. Rates for Regular Premium Assistance will remain the same. The following table outlines the new rates depending on your previous tax year’s adjusted net income and the number of people in your family: MONTHLY RATES…
On October 9, 2014 the Federal government made good on an April 2011 election promise and increased the Child Fitness Tax Credit to $1,000 from the previous maximum of $500. This means that effective January 1, 2014, you can now claim up to $1,000 annually for your child’s fitness expenses, and 15% of those expenses (up to…
Incentive to donate! The temporary First-Time Donor Tax Credit adds 25% to the rates used to calculate the non-refundable tax credits of up to $1,000 in monetary donations. As a result, a first-time donor will be allowed a 40% federal credit for donations of $200 or less, and a 54% federal credit for the portion…
Tax-Free Savings Accounts (TFSA) are a great way to save money. Interest, dividends, and capital gains earned on investments in a TFSA are not subject to tax, either while held in the account or when withdrawn. This means that they will not affect your eligibility for Federal income–tested government benefits and credits such as Old…