Blog Archives - Page 10 of 12 - CPA Accountant and Tax Advisor- Coquitlam, Burnaby, Maple Ridge

B.C. Early Childhood Tax Benefit

February 21, 2014
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Budget 2014 proposes to introduce the B.C. early childhood tax benefit (BCECTB) as a tax-free monthly payment, effective April 1, 2015. Benefits from this program will be combined with the federal¬†Canada Child Tax Benefit¬†(CCTB) and the B.C. family bonus program into a single […]

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Medical expenses for tax purposes

February 21, 2014
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An individual may claim a medical expense tax credit for the amount determined by the formula in subsection¬†118.2(1) in Income Tax Act. Under the formula, the lowest tax rate percentage (15% for 2012) is multiplied by the total of two calculated amounts. The first calculated […]

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Home office expense against employment income

February 21, 2014
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Some employees are allowed to deduct home office expenses on their tax returns if employers allowed and complete T2200 form, declaration of condition of employment expenses. You can include a portion of the rent, utilities bills in proportion to your office space. In some cases office supplies and […]

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Keeping track of vacation property cost

February 21, 2014
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When selling a vacation home, the gain on that property may be taxable in the future. It is important to keep track of the cost to acquire the property; the higher the documented cost, the lower the gain when the property is sold. It is also important to […]

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