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British Columbia Training and Education Savings Grant

The British Columbia Training and Education Savings grant (BCTESG) is now available for families with a child between the ages of 6 to 8. Residents of British Columbia may be eligible for a $1,200 grant from the B.C Government. It’s this simple, open an RESP account, and receive the money. You don’t even need to […]

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Children’s Fitness Tax Credit Increased

You may be familiar with the old Children’s Fitness Tax Credit. This was a $500 tax credit per child, that resulted in a $75 tax savings. The idea behind this tax credit was to make putting children into organized sports more affordable for Canadian families. In our experience our clients were very happy to be […]

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Family Income Splitting

New for the 2014 tax year is what is being called the Family Tax Cut. So what is the Family Tax Cut and how do you take advantage of it? The Family Tax Cut mimics pension income splitting; that is, eligible income is transferred from the higher income spouse to the lower income spouse. This […]

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Why First Choice Tax Services?

Were starting to prepare for the 2013 tax season. Here are four reasons why you should let First Choice Tax Services file your tax return for you: 1. Our Professional Tax Advisors If your looking to have your taxes done professionally you can count on one of our three advisors, Cathy, Mike, or Greg, to […]

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Federal Budget 2013

Jobs Growth and Long-Term Prosperity That’s the name of the 442 page 2013 federal budget. While it’s important to understand what’s included in the 2013 federal budget, I don’t believe many people have the time to read 442 pages of political jargon. In order to accommodate those who want to read the entire budget, and […]

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Disability Tax Credit

The Canada Revenue Agency may seem ruthless at times, but tax credits such as the Disability Tax Credit show that they offer valuable tax breaks for those suffering from a disability. So what is the Disability Tax Credit? Well according to the CRA it “is a non-refundable tax credit that a person with a severe […]

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Medical Expenses

Did you know that by keeping the receipts of your prescriptions, dental visits, or physiotherapy sessions you could save money on your tax return? These are all examples of valid Medical Expenses that can be used as a tax credit to reduce the tax you owe the government. For a full list of valid Medical […]

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RRSP Contribution Deadline March 1, 2013 and How your Contribution Affects your Tax Return

Wanting to save some money on taxes this year while building up your retirement savings? An RRSP is one of the best ways to achieve this. To save on this years tax return you must contribute to your RRSP before March 1, 2013. So how does it work? Let me break it down and show […]

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Claim your child care costs

Did you know that you can claim up to $7000 in child care expenses for every child you have under 7 years of age? Even if your children are ages 7 through 16 you can still claim up to $4000 for any expenses. What qualifies as childcare expenses? Daycare, Boarding school, certain expenses for camps, […]

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Save 7% by waiting for the HST reversion April 1 2013

On April 1, 2013 the HST will be eliminated and be replaced with the 7% PST and 5% GST. What does this mean for your tax bill? Well because income tax preparation is considered a service, you only have to pay the 5% GST and not the 7% PST. This is a savings of 7% […]

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