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The spouse with the lower income should claim all medical expenses on their tax return

The spouse with the lower income should claim all medical expenses on their tax return

The lower-income spouse should report all the family's medical expenses for Canadian Income Tax. The less your net income, the higher the amount of eligible medical expenses you can claim. However, since the tax credit is non-refundable, the spouse claiming the credit should have enough income to use the entire

Revenue from renting out a room in your primary home

Revenue from renting out a room in your primary home

If you earn incidental income from renting out a room in your primary residence, the property will remain exempt from Canadian income tax on any capital gain upon sale, as long as: * no structural changes are made * capital cost allowance (depreciation) is not claimed Disclaimer: “Please note that the information

Guidelines for the Cancellation and Waiver of Interest and Penalties

Guidelines for the Cancellation and Waiver of Interest and Penalties

This document outlines the procedure for requesting the cancellation or waiver of interest and penalties, as well as the necessary information needed for the request to be evaluated. Penalties and interest may be waived or cancelled in whole or in part where they result in circumstances beyond a taxpayer's or

Lottery Winnings Gift Tax

Lottery Winnings Gift Tax

Canada does not impose a tax on gifts, allowing gifts of any kind, including winnings from lotteries, can be given without facing tax consequences. For example, if a family member wins a lottery and chooses to give the winnings as a gift, the recipient will not be taxed on what

Medical expense tax credit for hair transplant costs

Medical expense tax credit for hair transplant costs

Expenses for hair transplant surgery paid to a medical doctor are typically eligible for a tax credit under Canadian Income Tax when the doctor evaluates the patient prior to the procedure and views it as part of the patient's mental health treatment. According to paragraph 118.2(2)(a) of

Tax advantages of setting a trust for new immigrants

Tax advantages of setting a trust for new immigrants

Proper pre-arrival planning can enable new permanent residents in Canada to significantly lower or eliminate their Canadian taxes. This can be achieved by establishing an offshore trust to protect non-Canadian income and capital gains for up to five years after moving to Canada. Within this tax-free period, the individual can

Not eligible medical expenses

Not eligible medical expenses

The list below details the medical expenses that cannot be claimed as tax deductions in Canada. List of common medical expenses: Disclaimer: “Please note that the information provided in this article is of a general nature and may not be accurate for your specific situation. The information is current as