Tax write-offs that Canadians often get wrong Apr 14th

TSX getting you down? There are always sound investment alternatives.

Latest News

The best GIC rates in Canada for 2026 May 25th

GIC comparison tool Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance. Why trust us MoneySense is an award-winning magazine, helping Canadians navigate m.... More »

The best GIC rates in Canada for 2026 + MORE Apr 27th

'An insult': Wood manufacturer unimpressed by $12M investment in B.C. forestry in face of U.S. tariffs - CBC May 15th

'An insult': Wood manufacturer unimpressed by $12M investment in B.C. forestry in face of U.S. tariffs CBCSee more headlines & perspectives on Google News.... More »

Snap Unveils $2,195 AR Glasses as Stock Falls Nearly 30% - Yahoo! Finance Canada Jun 17th

Snap Unveils $2,195 AR Glasses as Stock Falls Nearly 30% Yahoo! Finance CanadaSnap unveils $2,195 AR glasses as CEO Evan Spiegel bets on post-smartphone future CNBCIntroducing SPECS Augmented Reality Glasses Snap NewsroomSnap Inc. Debuts SPECS Augmented Reality Glass.... More »

Best all-in-one ETFs for Canadian investors 2026 + MORE Apr 29th

No category generated more discussion and debate from our selection panel this year than that for one-decision or all-in-one ETFs meant to provide a diversified portfolio in a single investment product. (The financial industry likes to call them asset-allocation ETFs.) Some argued that it�.... More »

Tax write-offs that Canadians often get wrong

– moneysense.ca

I come across frequent questions from taxpayers about expenses they think they can claim as a tax deduction or credit. Often, they cannot be claimed, or there are strict criteria that apply.

Safety deposit box

Back in the olden days, investors sometimes kept stock certificates in their safety deposit box at the bank. As a result, taxpayers could claim a deduction for their annual safety deposit box fee as a carrying charge to earn investment income.

Some older taxpayers mistakenly believe this deduction still applies; however, it was eliminated in 2013.

RESP contributions

Registered education savings plans (RESPs) are tax-preferred accounts. The investments grow tax deferred, and withdrawals are only partially taxable to the beneficiary child or grandchild.

Unlike registered retirement savings plan (RRSP) contributions, RESP contributions are not tax deductible. There is a 20% government grant—and for low-income contributions, there may also be government bonds deposited to the account, as well…

Continue Reading On moneysense.ca »

Banks.ca constantly finds the best and most current Investment information available in Canada.

Share