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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.

Eligible Educator School Supply Tax Credit

There is a new refundable tax credit for 2016 and beyond: The Eligible Educator School Supply Tax Credit. If you are an eligible educator, you can now claim a 15% refundable tax credit on up to $1,000 of supply purchases per year.

Who is eligible?

You can only claim this tax credit if you are a teacher or early childhood educator employed at an elementary or secondary school or a regulated child care facility:

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