Mineral, oil and gas: Basics

Rocks are made up of minerals. These rocks make up the crush of the earth. There are three basic types of rocks: Igneous rocks are formed when melted rock cools and solidifies. Melted rock may come in the form of magma, when it is found underneath the Earth’s surface. It …

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Major Changes in 2016 (for 2015 Tax Year)

  Individuals and families Universal child care benefit (UCCB) – The UCCB has increased to $160 per month for each qualified dependent under 6 years of age and there is a new benefit of $60 per month for each qualified dependent aged 6 through 17. Child care expenses – The …

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Simplified reporting for foreign assets less than $250,000

On December 3, 2015, CRA has implemented changes to Form T1135, Foreign Income Verification Statement for the 2015 and subsequent tax years. The changes will allow taxpayers, who held specified foreign property with a total cost amount of less than $250,000, throughout the year, to report under a new simplified …

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Changes in 2014 Tax Filing (for 2015)

CRA reminds us of the following changes in 2014 tax year: Children’s fitness amount – Under proposed changes, the maximum amount of eligible fees for each child has increased to $1,000. Search and rescue volunteer amount – As a search and rescue volunteer, you may be able to claim an …

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What’s new about your taxes in 2015

Effective for 2014 Tax year, the following changes apply to individual and family. 1. New changes to T1135 “Foreign Income Verification Statement” a) Canadian resident individuals, corporations, and trusts that, at any time during the year, own specified foreign property costing more than $100,000 has to file an expanded T1135 …

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