Tag Archives: Tax Tips

What can you Claim in Family Tax Deductions

If you’re a parent, the Canada Revenue Agency (CRA) offers a number of ways you can save money while raising your child. This is done through various tax credits and tax deductions. Deductions for Child Care Expenses You can use this deduction if you’re using daycare or babysitting facilities while you’re at work. The annual…
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A Guide to the Basic RRSP Rules in 2020

Here are the basic rules which govern investments in a Registered Retirement Savings Plan. 1. Deduction Limits Your deduction limit will be available on your Notice of Assessment provided by the Canada Revenue Agency (CRA) after you’ve filed your annual tax return. Use the following table to calculate this amount yourself. 2. Earned Income Sources…
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