Showing Tag: "credit" (Show all posts)

Back To School!

Posted by michelle mckillop on Thursday, August 29, 2013, In : Tax Blog 
Tax Matters for Students:

  • Post-Secondary Scholarships, bursary and fellowship income is fully exempt from tax when received in connection with a program for which the student will get an education amount tax credit (any accredited Canadian college or university).
  • Where the scholarship or bursary is not from an accredited institution, the first $500 is exempt.
  • Tuition Fees are fully deductible if they total more than $100 and are paid to a post-secondary educational institution in Canada (*some i...

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Take care when making donations

Posted by michelle mckillop on Thursday, December 13, 2012, In : CRA Bulletins 
The CRA is investigation many charitable organizations in Canada. While most are legitimate, every year dozens of organizations are having their charters revoked for various reasons. If you have donated to one of the revoked organizations you will have your donation refused upon review.

The following information is now available on the CRA Web site:

Tax tip: Donate wisely: Take time to learn about a charity before you donate

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Ontario Trillium Benefit

Posted by michelle mckillop on Friday, July 6, 2012,

A lot of people have been asking me about this one. Starting July 10th 2012, the Ontario Trillium Benefit combines, into one monthly payment, the Ontario Sales Tax Credit, the Ontario Energy & Property Tax Credit and the Northern Ontario Energy Credit. If you had received any of the 3 tax credits that have been rolled into the new Ontario Trillium Benefit your money will be coming to you every month starting July 10th, 2012.

Generally, people are upset about receiving this cheque monthly. The ...

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