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Filing Taxes Insights

June 23, 2022
Rental Properties in Canada

Tips to Save Taxes on Rental Properties in Canada

Saving rental taxes have become an important concern as people find a lot of their income eroded while paying taxes in Canada. If you are unsure of how this can be done, search tax accountant near me to get in touch with a tax accountant who might be able to help. Before you do that, read the following tax-saving tips from a tax accountant. Advertising If you advertise your rental property in magazines, newspapers, websites, and other similar places, go ahead and claim a tax deduction on all payments you have made for it. You spend all advertising expenses because they are all directly related […]
June 18, 2022
real eastate and property tax

Real Estate Vs Property Taxes

Real estate taxes are pretty much the same as property taxes – one can be treated as the sub-head of the other for the sake of understanding. The key difference between real estate taxes and property taxes is that real estate taxes only apply to the land of houses; however, property taxes are much more expansive, covering all sorts of properties, for example, vehicles, livestock, or even farmlands. “Property” is defined in subsection 248 (1) as property of any kind, real or personal, immovable or movable, tangible or intangible, tangible or intangible. For added security, “ownership” includes, but is not limited to, laws […]
June 14, 2022
care giver dependant benefit

Dependant and CareGiver Benefits in Canada

In Canada, we are fortunate to have access to the various benefit, credit, and incentives programs delivered to Canadians through the tax system. Dependant and Care Giver benefits What is the Canada caregiver credit? Do you support a spouse, common-law partner, or dependant with a physical or mental impairment? The Canada caregiver credit (CCC) is a non-refundable tax credit that may be available to you. Who can you claim this credit for? You may be able to claim the CCC if you support your spouse or common-law partner with a physical or mental impairment. You may also be able to claim […]
June 9, 2022
corporate tax planning in canada

Corporate Tax Planning in Canada

Are you a small business in Canada? Or are you passionate about some ideas that you want to implement into your small business, but before you launch your breakthrough product or service, you might want to undertake some tax planning? If you are a Canadian entrepreneur, it is wise to draft a tax planning strategy before starting your business. The benefits of tax planning are that the taxpayer can use these strategies to avail tax exemptions and benefits, reduce their liability, and pay deducted taxes. Often small businesses hire a tax accountant business accountant to draft the tax plan. Many techniques are commonly […]
June 8, 2022
small and new business bookkeeping

Advantages To a New Business of Using a Bookkeeping Service in Canada

Employees of a small business organization are always active in the company’s fundamental activities, such as production, marketing, customer services, and sales. This is why bookkeeping operations are typically overlooked in such businesses. Hiring an accountant is a viable option, but that in itself comes with a lot of responsibilities, such as organizing interviews, training new staff, paying their salary, and so on.This is why, for small firms, outsourcing bookkeeping services is a considerably better alternative than forming an in-house bookkeeping staff. Here are some major advantages of using bookkeeping services for your small business: Increased Efficiency When you use […]
June 8, 2022
Renting Portion in Canada

Tax Implications of a Rental Unit in Your House in Canada

For people currently renting or considering renting a portion of the home they own, the tax considerations can be complex and the fallout costly if you don’t do it right. In fact, earning income from renting a portion of your home can be subject to different rules and reporting requirements to the Canada Revenue Agency. Once you start to go through all the considerations, small rentals can get quite complicated. The following are some basic guidelines for renting out a unit in your home. Step 1: Set up a legal rental While it might seem simple to just rent out […]
June 3, 2022
New Home GST/HST Rebate

GST and HST Rebates on New Homes in Canada 2022

Buying a home, especially a newly built home, is already an expensive process in Canada. Along with land, construction, and property taxes, there’s also that troublesome GST or HST to pay. While GST/HST isn’t charged on purchases of an existing property, newly built homes will have the tax levied on them, and it can add thousands to the cost of a typical home. Fortunately, The Canada Revenue Agency (CRA) offers relief from this cost in the form of the GST/HST New Housing Rebate, and it’s one thing you’ll want to add to your list of to-dos when budgeting for your […]
May 25, 2022
TFSA AND RRSP

Should I Contribute to My RRSP or my TFSA?

The differences, pros, and cons of these popular registered accounts The Registered Retirement Savings Plan (RRSP) and its younger sibling the Tax-Free Savings Account (TFSA) are two of the most popular tax options for the average Canadian. Before deciding which, if either, to contribute to, here’s a primer on how they work, and what they’re best for. What is a Registered Account? Both the RRSP and the TFSA are what are called registered accounts. What all registered accounts tend to have in common is that growth within these accounts is tax-free. This means that any assets stored inside an RRSP […]
May 23, 2022
RRSP Contribution Guide

RRSP Contribution Guide

Contributing to an RRSP is always a great move, right? Not so fast. RRSPs reduce your taxes by sheltering income from tax when you contribute. You will pay the income tax later when you withdraw the funds, which is ideal when they’ve had a few years to grow (tax-free), and when you’re in a lower tax bracket because you’re retired or pulling back from your career. Here’s what to consider when you’re trying to decide whether, and how much, to contribute to your RRSP. The higher your income, the more you should contribute to your RRSP In general, the higher […]
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