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Filing Taxes Insights

August 4, 2022

Everything You Need to Know About – Canada Digital Adoption Program (CDAP)

Small start-up businesses are pretty common in Canada. According to the official Canadian government, the statistics from the labour force survey show that around 68.8% of the labour force is employed in small business start-ups.  Furthermore, author Szabolcs Szecsei published an article on the review moose website which stated that every year around 95,000 small businesses are opened in Canada. To assist these small businesses in utilizing advanced technology and digitalization, the Canadian government has launched a program called the Canada Digital Adoption Program (CDAP).   What is the Canadian digital adoption plan? The Canada Digital Adoption Program has been made public by the Canadian government […]
August 4, 2022
Solidarity Tax Credit

SOLIDARITY TAX CREDIT: Everything You Need to Know

Do you ever think that after taxes and fees, your paycheck is almost half? And you’re only taking care of the essentials. Do you know that the government helps low – and middle-income employees by levying solidarity taxes. If you don’t know what solidarity tax credits are, then you are missing out on this great initiative the government has taken for Canadians. In this blog, you will learn what the solidarity tax credit is, what the eligibility criteria for the solidarity tax credit are, how you claim your tax credit, and ways to pay for the solidarity tax credit. What […]
August 4, 2022
Everything You Need to Know About Netfile

Everything You Need to Know About NETFILE in Canada

What is NETFILE? NETFILE is an electronic tax filing online service, launched by the Canada Revenue Agency (CRA). This service allows you to send your tax returns directly to the Canada Revenue Agency (CRA). The tax returns are submitted through protected software like H&R Block, which safeguards against any cyber security issues.  Moreover, the Canadian revenue agency (CRA) implemented this program in 2001. The purpose of this program was to give Canadians an alternative new method of tax filing. Citizens working in offices or who don’t have time to file their tax returns in person can easily use this software […]
July 30, 2022
Selling Your Business

How to Sell Your Business in Canada

Selling your business is a complex subject. A layman might face difficulty in understanding and comprehending this topic. Let me simply say this to you: selling your business might be one of the hardest decisions of your life. The emotional attachment and all the blood, sweat and tears you might have put into your business to make it flourish. However, you have decided to sell your business but have no idea how to do that.  In this blog, you will learn some tips and tricks for selling your business; what possible key points you should keep in mind before selling […]
July 30, 2022
Budget Summary

A Plan to develop Our Economic System and make Standard of living more Affordable and Stylish.

The 2022 federal budget highlights two important policy proposals. The first one is targeted at boosting economic development and innovation. This is the first federal budget after the 2021 elections. The finance minister focuses on boosting the economy more sustainably. The 2022 federal budget summary was released by Canadian deputy prime minister and minister of finance, Chrystia Freeland: A Plan to Grow Our Economy and Make Life More Affordable. In the 2022 federal budget, the finance minister talks about affordable houses, climate change, economic growth and innovation, employment, public health care, a fair tax system, a planned borrowing strategy, and fiscal […]
July 30, 2022
Return Tax Filing

Methods of filing your tax returns in Canada

Are you a resident of Canada and the deadline for paying your taxes is quickly approaching, but you’re not sure what to do? You have no notion of how to file a tax return or what the methods of filing tax returns are. Then you don’t need to worry at all. You are at the right place.  In this blog, we will discover modern and novel techniques to file Canadian tax returns. Additionally, you will get a general overview of how to determine whether you need to submit a tax return and what paperwork you would need to do so. […]
July 27, 2022
Capital Gain/loss in Canada

How to Carry Forward Capital Losses to Deduct Future Gains?

While capital gains are subject to tax, capital losses are deductible by the same token. But do you know that, with some caveats, you can carry your capital losses forward to offset taxes on capital gains in the future? One step at a time, let’s go through what counts as a capital loss and how you can benefit from it.  What may be considered a capital loss as per the CRA? When you dispose of a capital property for less than your adjusted cost base (ACB, i.e., the cost of a property and the expenses to acquire it.), the money […]
July 27, 2022
Relocation deductions in Canada

Relocation Tax Deductible Expenses

Did you know that some of the costs you incur in connection with relocating to a new job in Canada are tax-deductible? Moving, in general, comes with a slew of different kinds of anxieties, as well as life changes and often significant monetary expenses. But, if you’re starting a new job in a new place, can you deduct your moving expenses? If so, what can you deduct? This is what we are going to take a closer look at here. Tax Deductible Moving Expenses: The Basics You may be qualified for moving expenses tax deductions if you are a Canadian […]
July 27, 2022

How to Register a Business in Ontario (Corporation & Sole Proprietorship).

Have you ever considered starting your own business or one with some friends? If you have, you must have heard how long and tedious the process might be. You are confused and don’t know which step to take to start a business. No worries, in this blog you will learn step-by-step how to open your own business as a sole proprietor or with your friends as a corporation in Ontario. Sole Proprietorship In business terms, a sole proprietorship business is defined as a business owned by a single person, an individual, or one owner. A sole proprietor’s ship owner is […]