To prepare for Income Tax, there are basically three themes: Sources of Income. Sources of Deductions (money spent to earn income). Sources of Credits. Make three lists with those titles and you are ready to start! Some things change over time. The New Child Tax Benefit doesn’t pay out as much as the old system did, especially as family income increases. However, it is tax-free (one doesn’t add it to one’s income). Pension income splitting will likely be around for awhile. Family Income Splitting (income splitting when children are present) has been removed by the current government. It may be […]
