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Professional Back to School Tax Savings Tips

Here are some tax tips that will help you as you plan your children’s activity agendas for the year. This week I provide some tips on claiming credits for others expenses such as child care, medical, and transportation as well as how to recover refunds or missed claims.

Tax Efficiency Strategy: Earn More Tax Exempt Income

There are many sources of tax exempt income of which most people are unaware. Here’s the tax secret… As a general rule, exempt income sources are not entered on the Canadian tax return at all. If you reported these amounts in error, you may contact the tax department to have them removed. The most common types of exempt income are the following…

RESP -BC Training & Education Savings Grant

All children born on or after January 1, 2007 with a Registered Education Savings Plan (RESP) and a resident of British Columbia when they are six years of age will be entitled to receive the BC Training Education and Savings Grant.

There are 3 basic criteria to receive the grant:

  • The child must be born on or after January 1, 2007
  • The child must have an RESP before they turn seven
  • The child must be resident of B.C.