Tax Rx: 3 Tips for Deducting Medical Expenses

It’s important to understand how medical expenses affect your taxes and financial planning. The reason, of course, is that health care costs can add up in a hurry. When you know the rules, you can make the most of any opportunity to reduce your tax obligation. As you review your medical expenses, here are three questions to consider.

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4 Tips for Filing Your 2011 Income Tax Return

Because 2012 is a leap year, you have an extra day to find the income statements, assessment notices, receipts, logbooks, and anything else you need to back up your claims. Lucky you. Here’s how to make the most of it.

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Tales from Tax Court

You want to learn from your mistakes, but it’s way more fun (and far less painful) to learn from the mistakes of others. That’s why it’s instructive to read Canada Revenue Agency’s police blotter of tax-fraud convictions, which the agency posts on its website.

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Make Strategic Use of Your CCA

Capital Cost Allowance, or CCA, is a way to to deduct a calculated portion of the truck’s expense over a period of years as the vehicle depreciates. It’s a great system but requires some strategic planning—and the right information—in order to make the most of it.

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3 Decisions You Need to Make When You Shop for a Heavy Truck

Shopping for a truck involves three separate decisions. There’s the vehicle itself, the money to pay for it, and the taxes. Like legs on a stool, all three need to bear weight if that truck is going to help you make a good living.

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4 Things You Should Know About Filing Taxes Online

More Canadians than ever file their income tax returns online. It’s easy and if you’re due a refund, you’re going to get it two to four weeks sooner than you would filing by mail. Still, each year we get questions about the process. Here are four things you should know about filing electronically.

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And Another Thing About That Company Car Expense Claim

I get a lot of questions about “company cars.” The big issue has nothing to do with what type of expenses you can write off or whether it’s best to lease or own a vehicle. The No. 1 reason claims are denied is for failure to properly log business-related travel.

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