J.A.I.K.S Blog

J.A.I.K.S. BLOG

Welcome to J.A.I.K.S. Blog, a place where we will provide you with a variety of resources on accounting, taxation and other related subjects suited for both individuals and/or their businesses.

We hope you can find the answers to your questions and/or curiosities, and always know we are here to help if you need more.

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Deducting Vehicle Expenses when Self-Employed

If you are self-employed, you may claim automotive expenses while conducting business. If you use your car for personal and business travel, only expenses for business can be deducted. If you use it exclusively for business, you can expense all costs.

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In Canada, are Medical Expenses Tax Deductible?

We thought it would be a good time to discuss the medical expense deduction on your tax return, as the end of the year is fast approaching.

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First Home Savings Account is a Smart Move

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First Home Savings Accounts, or FHSAs combine the concept of Tax-Free Savings Accounts and Registered Retirement Savings Plans. For people aged 18 and older, like an RRSP, contributors receive a tax deduction on contributions and TFSA-like tax-free withdrawals when using the savings to buy a home. Further, any investment gains earned in the account are tax-sheltered. Unlike the Home Buyers’ Plan (HBP), the FHSA does not need to be repaid.

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Canadians and the Disability Tax Credit (DTC)

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As Canadians advance in age, we are pleased to offer a 3 part series on the Disability Tax Credit (DTC) in Canada.

To claim the Disability Tax Credit (DTC) in Canada, you must meet the eligibility criteria and complete the necessary steps. Here's a general overview of the process:

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Steps for a Retroactive Disability Tax Credit Claim

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If you believe that you were eligible for the Disability Tax Credit (DTC) in previous years but did not claim it, you may be able to make a retroactive claim. Retroactive claims allow you to request adjustments to previous tax returns and potentially receive refunds for the missed credits.

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The Disability Tax Credit & Low-Income Canadians

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For low-income individuals in Canada, claiming the Disability Tax Credit (DTC) can provide additional financial benefits through refundable tax credits and other programs. Here are some key points to consider:

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How Can I Minimize Taxes of a Deceased Taxpayer?

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Minimizing taxes for a deceased taxpayer's estate in Canada involves careful planning and following specific strategies. The goal is to reduce the tax liability of the estate and maximize the assets passed on to beneficiaries. Here are some steps to consider:

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Record-Keeping Best Practices for Small Business

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Effective record-keeping is crucial for the success of any small business. Proper records not only help you track your financial performance but also ensure compliance with tax regulations and provide valuable insights for making informed business decisions. Here are some best practices for record-keeping in a small business:

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J.A.I.K.S. Consulting Inc 
Based in New Westminster, BC
Proudly Serving BC and ON

Phone: (778) 792 3282

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