Medical expense tax tip:
As an individual tax filer, if your net income is greater than $91,967 you need to have medical expenses that exceed $2,759 before they start to ‘count’. So if you know you are below that, there’s no point in pulling it all together.
If your income is lower than that, then the threshold is based on 3% of your net income.
With couples, medical can be combined on one tax return. Typically you would then use the lower income spouse’s as their threshold (based on 3% of their net income) will be lower. However, don’t blindly do this, because (as an example) that low income spouse may have no tax to pay, which would render their medical credits useless.
Many people understand that a superficial loss is created when you repurchase a security within 30 days after selling it.
Fewer people understand that a superficial loss is also created when you sell a security after having purchased new shares within 30 days prior to the sale.
As an example, you can’t buy 100 shares inside your TFSA, and then within 30 days, sell 100 shares in your non-reg at a loss and claim a capital loss.
President Trump has created a mess. Here’s the solution: drop the threat of tariffs completely and let’s get to the table to land a deal that creates jobs and grows our economies on both sides of the border. Until then, we won’t relent.
I've said this before on here but it's worth repeating.
If your spouse passed away and you were not named as beneficiary, or successor holder - these are fixable problems.
FHSA fix = form RC724
TFSA fix = form RC240
RRSP fix = form T2019
Note: These all have timelines.
This is Montreal Canada.
Concordia's Dean of Students, Katie Broad, just cancelled a talk by Arab Israeli @YosephHaddad.
Francesca Albanese was welcome, but Yoseph Haddad is not. Shameful.
@Concordia#Cdnpoli
You will read that the IDF today killed a Palestinian named Ahed Qadih employed by the World Central Kitchen aid group.
What the outlets will fail to tell you is that before posing as an "aid worker," Qadih participated in the October 7 slaughter in Kibbutz Nir Oz.
Starting Jan 10, 2025, the @ROMtoronto will host Auschwitz. Not long ago. Not far away., a vital Holocaust exhibition.
Antisemitic comments on their recent Instagram post show why this education is needed now more than ever.
Leave a supportive comment: https://t.co/MPaDehzwZn #HolocaustEducation
I am inspired by your and Ivanka’s leadership.
Karlie and I will match your donation of 1MM.
May we live in a time of peace, unity and acceptance.
May Rabbi Kogan’s memory be a blessing.
I believe that there needs to be a movement to rescind Fakih's order of Canada for his militant antisemitism. I also think a widespread boycott of @ParamountFoods is long overdue.
#TakeBackCanada
The new Nazis are targeting Limon in the Beach again. I ate there this week to show support and plan to do so again and again. Please help them out. Don't let the antisemites win. #topoli
🇨🇦 Canada: where we won’t arrest terrorist sympathizers making our streets unlivable, but we will arrest the leader of a liberal democratic ally in an existential war for its survival.
Shameful.