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Marketing Monthly | Canadian Taxes

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In this issue:

  1. With fewer tax breaks for child-care, what’s left for Canadian parents?
  2. Top questions the CRA gets at tax time
  3. Eight things to remember at tax time
  4. What the U.S. Tax Cuts and Jobs Act of 2018 means to Canadian and U.S. citizens
  5. Insurance planning opportunities in light of new tax measures
  6. SimpleTax: 2018 Canadian Income Tax Calculator

With fewer tax breaks for child-care, what’s left for Canadian parents?

With the income-splitting Family Tax Cut, arts, fitness and textbook tax breaks now off the table, Canadian working parents are nearly out of opportunities to deduct child-care costs on their tax returns. But experts say parents may not be taking full advantage of the Child Care Expenses Deduction, which could be the most valuable option.

Just seven per cent of respondents to a survey by TurboTax conducted before Canadians filled out their 2016 tax returns last spring said they planned to claim the deduction for $8,000 in child-care expenses for children six and under, and $5,000 for children between seven and 16 years old.


Top questions the CRA gets at tax time

Every year around tax time, Canadians call the Canada Revenue Agency (CRA) to ask a variety of questions. You can find most answers online, and even more if you are registered for the CRA’s online services. Here are some of the most asked questions…


Eight things to remember at tax time

The Canada Revenue Agency (CRA) has a few tips that could save you time and money. At tax time, try to remember these eight things…



What the U.S. Tax Cuts and Jobs Act of 2017 means to Canadian and U.S. citizens

In December 2017, the tax environment in the United States changed significantly with the passing of the Tax Cuts and Jobs Act of 2017 (TCJA). The changes included:

  • reductions to individual and corporate tax rates,
  • changes to the taxation of U.S. shareholders of non-U.S. corporations, and
  • a doubling of the amounts not subject to U.S. Estate and Gift taxes.

These changes affect U.S. citizens who live in the U.S. or Canada, and Canadian residents with U.S. situs assets (for example U.S. vacation properties and U.S. securities).

This issue of As a Matter of Tax looks at the reduction in tax rates and the changes in taxation of U.S. shareholders of non-U.S. corporations.


Insurance planning opportunities in light of new tax measures

The following table highlights and summarizes key changes to the taxation of private corporations. These changes were included in recent draft legislation and announced in the 2018 Federal Budget.


SimpleTax: 2018 Canadian Income Tax Calculator

Use our simple calculator to quickly estimate your 2018 federal and provincial taxes.


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