The ABCs of Education Tax Credits

Back-to-school season not only means a lot of expenses, but also potential education tax credits depending on the situation. We often receive questions about what families can and cannot claim – and the answers sometimes surprise parents. Most students fall into one of these categories: Public school: Unfortunately, fees for supplies, field trips or extracurricular…

The Ins and Outs of Making Donations

Wildfires have sparked evacuations of several B.C. communities this summer. With many people forced to leave their own homes, they’ve needed to rely on assistance from family, friends, strangers and charitable organizations like the Canadian Red Cross. While most people donate out of good will, there are also opportunities for making donations and using them…

2016 Personal Tax Checklist

It’s Personal Income Tax Time Again… At Canwest Accounting, we are happy to help you with your personal income tax returns.  That’s why we have created a “2016 Personal Tax Checklist” for you to fill in before you come to see us. Simply print out the checklist, fill in, then let us help you with…

Student Tax Tips

Students save with “extra credits” this term! The Canada Revenue Agency (CRA) is helping you keep more money in your pocket with tax credits, deductions, and benefits for you when you do your taxes. Even if you have little or no income, you should still file your income tax and benefit return to claim tax…

First-Time Donor Super Tax Credit

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

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and capital gains earned on investments in a TFSA are not subject to tax, either while held in the account or when withdrawn.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…