Tax Updates


Take advantage of the new Tax-Free Savings Accounts (TFSAs). Details of the proposed technical changes are available on the Department of Finance Web site.


The Home Renovation Tax Credit is a non-refundable tax credit based on eligible expenses for improvements to your house, condo or cottage. It can be claimed on your 2009 income tax return. It applies to work performed or goods acquired after January 27, 2009, and before February 1, 2010 under an agreement entered into after January 27, 2009. This is only available for the 2009 tax year. Read more at

FIRST-TIME HOME BUYERS’ TAX CREDIT – This is a non-refundable tax credit of up to $750. learn more at

PUBLIC TRANSIT TAX CREDIT – A non-refundable tax credit of 15% (see
PENSION INCOME SPLIT – You can split up to 50% of your eligible pension income with your spouse or common-law partner. Read more about this at

CHILDREN FITNESS TAX CREDIT – This is a non refundable tax credit of up to $75 per child. Learn more about this at

TRADEPERSON’S TOOLS EXPENSES – According to Canada Revenue Agency you can deduct up to $500 from your net income for qualifying expenses. Read more at

Knowledge is power, we encourage you to educate yourself with any information that will help you in tax saving and remember that tax planning is very important.For more information please visit the CRA website at

Watch out for more information and updates.

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