Understand these small tax credits that fatten your wallet

Understand these small tax credits that fatten your wallet

To tell you that it’s as captivating as collecting cards about dinosaurs and astronomical phenomena would be a little exaggerated. I imagine you lose the notion of time, immersed in an article on the mechanisms of supernovae or morphology (especially the small front legs) of the tyrannosaurus rex.

But reading a text recalling the history of the Tax Credit for the upgrading of residential wastewater treatment facilities? If the activity makes you miss an appointment, it is probably that you have fallen into a deep sleep.

Nevertheless, let us salute the latest initiative of the Chair in Taxation and Public Finance of the University of Sher brooke which has just put online a guide to Québec and Canadian tax measures . This is not the kind of source of information that we will drink with his coffee on Saturday morning for fun, or to shine the game A few acres of traps ( Trivial Pursuit for the French). Even less to impress the gallery, even the pedants do not venture into fiscal territory, at the risk of passing for peddlers. And accountants.

But to understand his tax bill, this guide will become essential, as well as the inevitable Planiguide Raymond Chabot Grant Thornton . Many taxpayers who prepare their tax returns themselves could avoid costly omissions.

The guide is divided into 56 sheets spread over a dozen themes. For example, there are four measures under the “Family Status” theme: credit for persons living alone; credit for spouse or common-law partner; eligible dependent credit and credit transfer from one spouse to the other. There are ten cards under “Work”. The worksheet “Working Income Tax Benefit” describes the purpose of the measure and the calculation parameters. The text also presents examples and history. All cards are cut in the same way.

Luc Godbout, the Chairholder who concocted the guide, recognizes that the tool is perfect and that he and his colleagues will have to keep it up to date. The changes made in Quebec’s latest budget are not reflected in the guide. “The important thing is that the information you need to file your income tax return is in the guide. The changes made by Quebec will be integrated by the end of the year, “he says.

These cards do not cover the entire tax universe, but the essential information about the individual is there (although one is missing on the RRSP, to come). The cards to collect, it has always been a little nerd. These are squared, but unlike those on dinosaurs, they can have an impact on your wallet.

Let’s applaud the whole work. The Chair in Taxation and Public Finance at the University of Sherbrooke strives to educate the public on tax issues. Which is not a small task, starting with capturing our attention.

It’s still gray for CFIB

Since we’re having fun, let’s continue on the subject. Let’s talk about the last budget, which I covered with colleagues Pouliot and Rolland last Tuesday. Once again, I was entrusted with the gastronomic part of the trip to Quebec City. This time we stopped at the 3-star restaurant in Saint-Cyrille-de-Wendover. Our greetings to Helen, the affable waitress.

Rarely have we seen such a favorable budget for small business with a tax cut, a payroll tax cut and measures to promote labor integration.

In the room where the journalists are locked up, there are also representatives of organizations of all kinds to react hot, such as the Conseil du patronat, the Quebec Manufacturers and Exporters, the CSN and so on. There is of course the Canadian Federation of Independent Businesses (CFIB), an organization with which Les Affaires has some acquaintances, both of which have a clear pro-business bias. I do not teach you anything.

CFIB does a wonderful job of lobbying, if not formidable. I know very few organizations that know how to make their grievances heard better. His representative, ubiquitous, had every reason to rejoice Tuesday. She was strolling, however, sulking a little pleasure. CFIB’s first reflex was to be unsatisfied, and its spokesman insisted on “a black cloud in the blue sky” in this budget. The cumulonimbus in question was the adoption by Quebec of the new rules tightening the income splitting between members of a family of entrepreneurs set up by Ottawa since January. The opposite would have been unlikely. It would have been more like a cumulus in the shape of a grandmother.

We guess that the day when there will be no cloud in the sky of the CFIB, there will be no more taxes or supervision. What must be painful to never find one’s contentment, even on feast days.

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