Top family tax credits and benefits

In this podcast, Gerry and Ida will discuss some of the top family tax credits and benefits.

Canada Child Benefit

Child Care expenses

Spousal amount and eligible dependant

Disabled child or spouse (Disability Tax Credit)

Detailed blog article on this topic: https://www.ufile.ca/tips-and-tools/ufile-blog/ufile-blog/2024/03/25/top-family-credits-and-benefits

UFile – Your taxes, your way – www.ufile.ca

In this podcast, Ida and Gerry will compare all three registered accounts offered by the federal government: RRSP, TFSA, and FHSA

*Introduction

*Basic characteristics

*Eligibility

*Contributions

*Contribution limits when withdrawing

*Expiry of accounts

*Transfers between accounts

*Conclusion

Detailed blog article on this topic: https://www.ufile.ca/tips-and-tools/ufile-blog/ufile-blog/2024/02/21/comparing-the-rrsp-and-the-tfsa-with-the-fhsa

UFile – Your taxes, your way – www.ufile.ca

Tax update 2023

In this podcast, Ida and Gerry discuss the upcoming tax changes for the 2023 tax return.

Tax-Free First Home Savings Account (FHSA)

Canada Worker's Benefit (CWB) advance payments

Residential property flipping rule

Multigenerational home renovation tax credit

Tradesperson tools expense deduction

Home office expenses - flat-rate method

Tax rate reduction - Quebec

Link of detailed blog article: https://www.ufile.ca/tips-and-tools/ufile-blog/ufile-blog/2024/02/07/tax-update-2023

UFile - Your taxes, your way

In this podcast, Ida and Gerry will discuss five overlooked tax deductions and credits:

Moving expenses

Carryforwards

Carrybacks (retroactive claims)

Medical expenses

Disability tax credit

Detailed blog article on this topic: https://www.ufile.ca/tips-and-tools/ufile-blog/ufile-blog/2023/04/18/five-overlooked-tax-deductions-and-credits

UFile – Your taxes, you way www.ufile.ca

In this podcast, Ida and Gerry discuss the components of the Canada Affordability Plan. The components are:

Doubling of the GST credit

Canada Dental benefit

Canada Housing Benefit

Blog article detailing the plan: https://www.ufile.ca/tips-and-tools/ufile-blog/ufile-blog/2023/01/10/canada-s-affordability-plan

UFile – Your Taxes, your way

In this podcast, Ida and Gerry will describe the upcoming tax changes for 2022 (and some for 2023). The changes that will be covered are:

Tax-free first home savings account (FHSA)

Labour Mobility Deduction (LMD)

Home Buyer’s amount

Home accessibility tax credit

Doubling of the GST credit

Canada Dental Benefit

Canada Housing Benefit

Immediate expensing of depreciable property

Canada Worker’s Benefit (CWB)

Staycation credit (Ontario)

Blog article detailing the tax changes: https://www.ufile.ca/tips-and-tools/ufile-blog/ufile-blog/2023/02/15/tax-update-2022

UFile - your taxes, your way : www.ufile.ca

Tax update 2022

In this podcast, Ida and Gerry will describe the upcoming tax changes for 2022 (and some for 2023). The changes that will be covered are:

Tax-free first home savings account (FHSA)

Labour Mobility Deduction (LMD)

Home Buyer’s amount

Home accessibility tax credit

Doubling of the GST credit

Canada Dental Benefit

Canada Housing Benefit

Immediate expensing of depreciable property

Canada Worker’s Benefit (CWB)

Staycation credit (Ontario)

Blog article detailing the tax changes: https://www.ufile.ca/tips-and-tools/ufile-blog/ufile-blog/2023/02/15/tax-update-2022

UFile - your taxes, your way : www.ufile.ca

Five common mistakes when producing your tax return

In this podcast, Ida and Gerry will discuss five common mistakes people make when producing their tax returns, such as:

Being disorganized with your documents

Not being aware of carry forward amounts

Not being aware of budget changes

Missing out on deductions and credits you’re allowed to make

Not checking your previous year’s return while producing current year

UFile – You taxes, your way – www.ufile.ca

Students and taxes

Pursuing post-secondary studies can be expensive, but there are income tax measures that can help you with those costs. In this podcast episode, Ida and Gerry will describe different income tax measures targeted to students, such as:

Tuition tax credit

Canada training credit (CTC)

Student loan interest credit

Moving expenses

Scholarship and bursary income

UFile blog article on this subject: https://www.ufile.ca/tips-and-tools/ufile-blog/ufile-blog/2022/03/07/students-and-taxes

UFile – Your taxes, your way – www.ufile.ca

Tax Update 2021

A new tax season is upon us! Find out what’s new in this year’s tax return with Ida and Gerry. The topics discussed:

Home office expenses - extension of the temporary flat rate method

Canada workers benefit (CWB) enhancement

COVID-19 benefits repayment

Climate action incentive (CAI) now paid as a benefit

Eligible educator school supply tax credit enhancement

We also discuss tax changes in Quebec.

For more details on these changes, please view our blog article: https://www.ufile.ca/tips-and-tools/ufile-blog/ufile-blog/2022/02/08/tax-update-2021

UFile – Your taxes, your way www.ufile.ca