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Coming Clean With the Tax Authorities - the Voluntary Disclosure Program
The Canadian tax system is a “self-assessing system” which relies heavily on the voluntary co-operation of taxpayers. Several years ago the CRA instituted a program intended to encourage non-compliant taxpayers to come forward and put their tax affairs in order. Read the article to learn more about the Voluntary Disclosures Program.
Claiming a Tax Credit for Out-of-Pocket Medical Costs
In many instances a federal and provincial tax credit can be claimed to help offset uninsured medical costs but the rules on determining what expenses qualify for the credit and how and when to claim it can be complex. Read the article to learn more.
Shared-Custody Parents and the Canada Child Benefit
When parents divorce, a shared-custody arrangement is common but sometimes the tax complications of the arrangement are ignored. Parents who share custody must usually share or divide the tax deductions and benefits in respect to their children. One benefit that is affected is the Canada Child Benefit. Read the article to learn more.
Protecting Your Personal Information - The Capital One Data-Breach
News of data breaches resulting in unauthorized access to personal information — especially financial information — have been so frequent as to seem almost commonplace. The most recent data breach affecting Capital One was, in many ways, a singular event. Read the article to learn more.
About the only thing that mitigates the pain of paying legal fees would be being able to claim a tax credit or deduction for the fees paid. Read the article here to learn about when legal fees are deductible.
Welcome to The Virtus Monthly, a series of articles that will inform and address all things connected to create a successful financial future including optimizing value in your business, building business continuity, developing next level management and maximizing your future exit plan. Sign up to receive articles straight to your inbox.