During the recent summer Olympic Games we learned that Canadians, Americans and athletes from other countries receive a financial bonus for each medal they win, the size of the bonus depending upon the colour of the medal. This income is also taxed, a fact that is stirring legislators in the U.S. … [Read more...]
Credit where Credit is Due: Personal Credits in the Canadian Tax System
2012 is the 25th year of personal credits in the Canadian tax system. Prior to 1988, personal exemptions were deducted from taxable income. Since 1988, credits against taxes payable have been used. This was perceived as more fair, because the benefit of deductions was greater for higher income … [Read more...]