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Registered Retirement Savings Plans
An RRSP is a vehicle for accumulating retirement savings sheltered from tax. RRSP contributions are deductible for tax purposes, subject to prescribed limits. Moreover, the income earned in such plans is only taxable when funds are withdrawn....
Parental Assistance
Canada Child Benefit...
Employment Expenses
Employees can only deduct expenses specified in the Act in computing their employment income. In general, employees may claim expenses if the employment contract requires them to pay their own expenses, if they are usually required to work away from their employer’s place of business, and if they do not receive a non-taxable allowance for travelling expenses. The employer must certify that the...
Non-Taxable Benefits
Automobile Allowance...
General Business Expenses
Taxpayers in business may deduct any reasonable expense incurred to earn business income provided such deduction is not expressly prohibited by the Act and is not a capital expenditure. Repairs and major expenditures made to prolong the useful life of a property or increase the value above its initial state are normally not deductible and are included in the cost of the property. However, an...
