Catherine Hyde, Paralegal
It’s tax time and hopefully you have filed your tax return. You obtained copies of your T4s, T5s, receipts for medical or children’s expenses, business or rental income information. You provided these to your accountant or perhaps prepared your own tax return, and once done, received the Notice of Assessment confirming that…
Barrie M. Hayes, Partner, Family Law
The Income Tax Act recognizes spousal support payments as a tax-deductible expenditure.
The Act recognizes both married and common- law spousal support payments as tax-deductible. In order to qualify as a tax-deductible expenditure the spousal support order needs to;
1. Be embodied in a court order or written…
By Douglas J. Manning, Partner, Certified Specialist in Family Law
We are often asked by clients if they can “use” their legal costs they incur to establish their support obligations and rights as a deduction from income for tax purposes? The short answer is that the portion of the legal fees incurred by the…
By Douglas J. Manning, Partner, Certified Specialist in Family Law
In an earlier blog post written by Lori Aylwin in January 2011 she discussed the tax treatment for legal fees and accounting fees incurred for the purposes of establishing or collecting child and/or spousal support. Lori’s article succinctly pointed out what needs to be established…
The RESP can be invested in government and corporate bonds, GICS and stocks and in mutual funds.
The RESP contributions are supplemented by the Canada Savings Education Grant, which is a federal program that deposits up to $500.00 per year directly into the RESP.
Although the RESP contributions are not tax deductible the tax payable…
