Many taxpayers overpay their taxes simply because they fail to claim some of the common deductions and credits they are entitled to. As a homeowner, there are several home tax deductions and credits that you can claim. Before you submit your next return, check the following list. It represents the most frequently overlooked tax breaks available to typical working Canadians. First-time home buyer’s tax credit If you are buying a home for the first time, you can claim a... [read more]

RRSP season is upon us! Time to go through the couch covers and scrounge up the last of our savings to make that all-important contribution. Let’s look at some fundamental concepts of RRSPs. What are RRSPs? RRSP, or Registered Retirement Savings Plan, is a vehicle created by the Federal government to allow you to save and invest your hard-earned dollars in a tax-deferred account. Notice the term “tax-deferred”. It is NOT tax-free; any money entered into the plan is... [read more]