Blog

6 Tips to Help You Save Up for a Vacation

Summer is finally here! You’re probably daydreaming about road trips, cruises and sandy beaches. If you haven’t already started saving up for your next vacation, now is the time to start! With a little imagination, you can beef up your bank account and be ready to hit the road or beach in no time, without your bank account going into the negatives.

Here are 6 of our top tips to help you save up for your next vacation:
1. Open Up a Dedicated Vacation Bank Account

The Basics of Meals and Entertainment Deductibility

Generally, expenses incurred in order to earn business or property income are 100% deductible when calculating your taxable income.  There are special rules that limit the deductibility of meal and entertainment expenses to the lower of 50% of the actual cost or 50% of the amount that would be considered reasonable.

When can I claim 100% of the cost of meals and entertainment?

ENCHANCED UNIVERSAL CHILD CARE BENEFIT (UCCB)

 

The UCCB is increasing for children under the age of six Effective January 1, 2015; parents will receive a benefit of up to $160 per month for each child under the age of six, up from $100 per month. Parents will receive up to $1,920 per child per year.

The UCCB is also expanding to children aged six through 17. Effective January 1, 2015, parents will receive a benefit of up to $60 per month for children aged six through 17. Parents will receive up to $720 per child per year.

Pages