Childcare Expenses

   Childcare Expenses General The childcare expense deduction that a tax payer may claim for the 2014 year in respect to an eligible child, is defined by the  income tax act subsection 63  (3). These are expenses that must be included on the tax return of the lower earning family member. Eligible childcare costs include daycare, babysitting,  boarding schools and some camp expenses. Payments made to a related family member  for daycare or babysitting services who are under the age...
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Allowable business expenses for sole proprietors & partnerships

Allowable tax expenses are always a hot topic with our clients and rightfully so they provide a decrease to taxable income. This being said one needs to be careful what is being claimed as an allowable business expense to the CRA – (Canada Revenue Agency). As a general rule, a person may deduct any reasonable current expense that was paid in the course of earning business income. The timeline of the expense is important as it should be pertaining to the current tax year for you business. The ...
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Strategy Leads to Success!

"All men can see these tactics whereby I conquer, but what none can see is the strategy out of which victory is evolved - Sun Tzu". All strategy comes with the diligence and knowledge of many years of experience. "The key to victory is to know your own capabilities and the enemy's - Sun Tzu". The evolution of financial and tactical strategies is not to consider your business as in an art of warfare, but to realize that success does not happen by just mere luck or chance. Rather it comes d...
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