The medical expense tax credit provides financial relief for individuals who have incurred significant medical expenses for themselves and/or certain of their dependants. This tax credit is a non-refundable credit that reduces an individual’s income tax liability. The formula for the medical credit is comprised of two components: Part one: Medical expenses in respect of […]
The term rectification comes from the word “rectify,” which has its roots in Medieval Latin and means “make right.” Rectification is used by parties to a contract to modify the contract if there has been an obvious mistake that was not intended or the meeting of the minds was improperly documented. The courts have used […]
Many times a property is bought for one use, but the owner may later decide to put it to another use. This is often the case with a house: as the family’s circumstances change, the use of the home may also change. For example, a family home may be rented out during a long-distance work […]
Every taxpayer is responsible for paying his own income tax liability when it is due. To the surprise of many, there are situations when the Canada Revenue Agency has the right to utilize an alternative remedy if individuals or their representatives fail to comply. Even more shocking for some is that individuals named as beneficiaries […]
Professionals in every province have been permitted to incorporate their practices for many years. This list of professionals generally includes physicians, architects, accountants, dentists, engineers, veterinarians and lawyers. The rules that govern incorporation are established by the professional bodies in each province. Such rules may include limitations associated with the selection of the corporation’s name along with […]
When a taxpayer suffers a capital loss on the disposition of a capital asset, tax relief is available in the form of an offset against capital gains. To utilize this offset, of course, the taxpayer needs a capital gain. The capital gain may have been realized in the current year from the disposition of another […]
The claw-back of Old Age Security (OAS) payments has been a part of the fabric of planning for many years. Many articles discuss planning strategies designed to avoid the claw-back. However, planning should not be limited to avoiding a single tax provision or minimizing exposure to a tax at the expense of broader planning objectives; […]
The federal government and all provinces allow a tax credit based on pension income received. The federal tax credit is 15 per cent of the lesser of $2,000 and the eligible pension income of the individual, while provincial percentages and limits vary. What qualifies as “pension income,” however, is not as clear as one might […]
A recent Statistics Canada publication was the impetus for a look at a few insights into contemporary Canada. Canada’s population now sits at 35.1 million, which represents an increase of 11 per cent over the 10-year period between 2003 and 2013. Every province has shared in this growth, though some more than others: Alberta takes […]
The 2014 Federal Budget has proposed to conduct a public consultation of the income tax rules with, in respect to eligible capital property, a view to “levelling the playing field” with other types of property. Among other changes, the proposed rules will impact taxpayers that sell the assets of their business when some of the […]
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At M.A. Schneider Insurance, we believe the saver deserves to be celebrated.
After all, it’s the saver that is conscientious every day to gradually create wealth for all.
That habit not only creates security for them but for their families and for the community as a whole.
We think they sometimes lose sight of how important they are.
This blog is here to help them. To help inspire them to stay the course and ultimately lead the great lives that they deserve.
1. Insight we gather about what’s going on that may affect the long-term quality of your life…
While there is a lot on the Internet, we know that making the best decisions for your life is often based on knowing just what your options are.
2. We hope that understanding what’s going on will help with perspective on what you can do.
3. New innovation and resources you can seek out.
This blog will offer an insight into the future because whether we like it or not, we’re going there. We’ll do the research to find the innovations that you should know about.
