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Making the Most of Medical Expen

Very few are aware of the Canadian Revenue Agency (CRA) provisions that entitle you to receive tax breaks under the Medical Expense Tax Credit. Under this provision you could claim a portion of your health expense and your health insurance

Tax Saving Options for Canadian

There are various options available for a Canadian taxpayer to save one’s valuable income which would otherwise be paid off as tax. You need to be aware of the options so that you can add them on when you file

CRA Tracking Unreported Income

The CRA has taken note of the increase in the practice of un-reporting one’s income. Many do it unintentionally as they are unaware of what is considered as income. But there are others who do it intentionally. For those who

Common Money Mistakes To Avoid

20th May: Do you want to know some of the common money mistakes and how can we avoid these? Lets see the issue in detail here. Are you able to manage your finances in the best possible manner? No. Then

Canadians Over-exposed to Mortga

The housing market in Canada is in a very volatile situation. Prime Minister, Mr Stephen Harper has warned his countrymen that many of them are overly exposed to mortgage debt. But he believes that the markets will bounce back and

How Education Tax Breaks Work?

There are three different types of Education Tax Breaks: 1) The American Opportunity Credit; 2) The Lifetime Learning Credit; and 3) The Tuition and Fees Deduction. These credits are not easy to understand as each of it has different eligibility

Is Paying off Mortgage Better th

Many families, that have mortgage payments to make, find themselves in a dilemma – they are unable to decide if paying off mortgages and living peacefully is better than making new investments and earning more. In this highly materialistic world

Learning from Common Tax Filing

2nd May: Are you a bad tax planner when it comes to tax filing? If yes, then here is a guide to know how can we learn from our tax filing mistakes in the coming times. Common tax filing blunders--Lets

Canadians Can Start Contributing

After the 2015 budget announcement of the Conservative government, nearly doubling the contribution limit for the Tax-Free Savings Account (TFSA) to $10,000 from $5,500, the Canada Revenue Agency (CRA) has confirmed saying that Canadians can now start contributing to their

How to Improve Your Credit Score

Maintaining a good credit score is important to get back on your feet – financially speaking. If you have been plagued by a poor credit score then you should be patient enough to go through the process of re-establishing the