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Filing Taxes Insights

February 3, 2022

How do I register for My Account with Canada Revenue Agency and Why Should I?

My Account with Canada Revenue Agency (CRA) is the best way to make sure you are taking advantage of all the government benefits available to you and your family. What is the CRA My Account? The Canada Revenue Agency (CRA)’s My Account is a secure portal that lets you view and manage your tax-related and benefits information online. This is the best way to keep up to date and manage all your affairs with CRA. Most of the service providers are moving online and reducing physical mail. Well, the CRA is no exception. My Account is your one-stop online Canada Revenue Agency […]
January 30, 2022

Ontario Works Benefits Payment Dates In 2022

Ontario Works is one of the province’s key pillars of social assistance and welfare payments. If you require financial assistance to meet basic requirements, this benefit, which the Ministry of Children administers, Community, and Social Services, may be of help. Social aid may be offered through the Ontario Disability Support Program, depending on your circumstances (ODSP). The payment dates for Ontario Works in 2022, how to apply, and how much you may anticipate in OW payments are all covered in this article. Ontario Works Payment Dates 2022 Ontario Works payments are made monthly on the last business day of the […]
January 29, 2022
payroll deductions

What Are The Required Payroll Deductions In Ontario?

You pay your staff wages, bonuses, commissions, vacation money, and tips. You provide taxable benefits to them, such as personal use of a vehicle or allowances. You must also withhold and remit payroll deductions. Employers are responsible for withholding the four sums listed below: the Canada Pension Plan contribution the Employment Insurance premium federal income tax provincial and territorial income tax Employers must report these deductions to the Canada Revenue Agency (CRA) together with their part of Canada Pension Plan and Employment Insurance contributions. Other payroll deductions, like payments to a private pension plan or union dues, may also be […]
January 24, 2022
tax planning

Tax Planning for Families and Individuals in Canada

The main objective of income tax planning for individuals as well as families is to plan one’s finances in the most tax-optimized manner. Many Canadians do not give much thought to how they can reduce their taxes until it’s time to file their tax returns each spring. By then, many tax-saving opportunities for the year may be lost. Filing your tax return is essentially once-a-year accounting to the government to settle up your taxes owing or refund due for the previous year —it is the tax planning steps that you take throughout each year that can save the most money […]
January 20, 2022

Reasons for Outsourcing Your Payroll During a Pandemic

Many companies are struggling to keep afloat right now due to the novel coronavirus outbreak.  Business leaders are devising ways to generate revenue without resorting to layoffs. While the federal government has offered relief initiatives like the COVID-19 Economic Response Plan, which provides wage subsidies and access to available credit for payroll and other purposes, it’s still not enough for many businesses to save their company and employees. During a crisis like this, it’s essential to slash unnecessary expenses. A great way to cut expenses is to outsource parts of your operation. If your business relies on paper-based in-house payroll, you stand to […]
January 6, 2022

Importance of Choosing an Expert Tax Partner

Doing your own taxes can be fun if you like the challenge, but for people who do not have the time or the patience to complete this challenge, hiring the services of a tax professional is the only way to go. You can easily find a tax professional anywhere you go; however, can all tax pros deliver? In every profession, you will find experts, novices, and everyone in between, but when it comes to doing your taxes, especially your business tax returns, you should choose carefully and choose only the best to avoid making unnecessary claims, which may result in […]
January 5, 2022
Dual Citizenship

US-Canadian Dual Citizenship Tax Issues

Dual citizenship provides many benefits, including job mobility and voting rights. It provides a platform for individuals to travel for long periods between countries for personal and professional reasons, without restrictions and without being required to apply for a visa. Canada and the United States have different tax filing requirements and regulations depending on the citizenship and residency of the taxpayer. As mentioned above, in Canada, one’s tax filing requirements depend on the residency of the taxpayer, while in the United States, the tax filing requirements are based on your U.S. person status, such as U.S. citizenship. For over one […]
January 3, 2022
Blogger/Vloggers Tax

Blogging/Vlogging Income in Canada: Taxation & Tax Tips

As we now live in a social media-driven world, blogging and vlogging (video blogs) activities have been on the rise. These activities have become so profitable that many individuals have been pursuing them on a full-time basis and earning significant income to support their lifestyles. Since blogging is sometimes treated like a paid hobby that can be pursued along with a traditional job, unlike other professions requiring certain man-hours, many bloggers ignore the fact that income made from blogging is also subject to taxes. Being a blogger or influencer can be a rewarding career with plenty of perks, but when […]
December 29, 2021
Income Splitting

Tax on Income Splitting (TOSI) in Canada – 2020

No one wants to pay more taxes than they have to, that is why many Canadian taxpayers might choose to alleviate some of the tax burdens through a practice called “Income Splitting”. Canada Revenue Agency’s (CRA) definition of Income Splitting Income sprinkling – sometimes referred to as “income splitting” – is a strategy that can be used by high-income owners of private corporations to divert their income to family members with lower personal tax rates. In simple words, income splitting is the transferring of income from a high-income family member to a lower-income family member to minimize the overall tax […]