Be in Balance

The tax credits allowed in previous years for children, fitness activities, are no longer available. The structure has changed, a tax payer who qualifies for child tax benefits will have an amount worked into the CRA formula to increase benefits. The childcare expenses allowed, has also been revised to a maximum allowed deduction, based on the household family income. Yes, there are households that will not have the full childcare costs allowed for deduction from taxable income.

Not every one knows or understands the Canada Revenue Agency. The key word is Agency. This is not a direct department of the Canadian Government. It is an Agency run under the Crown Corporations, with two primary goals. Collect Data and Money. The money collected pays for the operations of the Agency and goes into the Federal government deposits. The rules and regulations that used to apply with Revenue Canada have changed drastically.

Balancing numbers since 1980, bookkeeping needs, accounting, tax resolution and more. 403-669-8559 Located in CalgaryEast