Filing Taxes Insights
April 23, 2022
Are you trying to find a way to save on your taxes? Simply put, you can write off some of the expenses associated with the automobile, which you use to help earn income. Whether you are an employee, a business proprietor, in a partnership or self-employed, you can find a way to save on taxes. What Automobile Expenses Can You Write Off? This listing is for Canadian salaried employees only. To claim car expenses, your situation has to meet all of the following conditions: Mostly, your work takes place away from your employer’s place of business. Your work agreement makes […]
April 20, 2022
Are you a newcomer or know someone who is? As a new immigrant, your first year is undoubtedly the hardest as you are adapting to your new environment and learning new aspects of life. Filing taxes is right up there on the list of strange concepts for many – but don’t worry, that’s what we’re here for. Newcomers are required to file an income tax return, even if they only arrived in Canada in the last few months of the calendar year. Read this blog to learn more about Canadian taxes and the deductions and credits that are available to you. Residency Status […]
April 13, 2022
The Canada Emergency Student Benefit, or CESB, is student-centric financial relief amid the COVID-19 pandemic. To offer financial support to post-secondary students and recent grads who lost work opportunities due to COVID-19, the government has introduced the Canada Emergency Student Benefit (CESB) a $1,250 a-month taxable benefit available for up to 24 weeks. -The Canada Emergency Student Benefit is a Government of Canada program. This benefit is for students who do not qualify for the Canada Emergency Response Benefit (CERB) or Employment Insurance (EI). Who Can Apply? If you can work, you must be actively looking for work to be […]
April 12, 2022
Do you know what the Disability Tax Credit is? The Disability Tax Credit (DTC) was established by the Canadian Government and the Canada Revenue Agency (CRA). It is a non-refundable tax credit and its goal is to help Canadians with disabilities and/or their families pay less income tax. The supporters would be required to pay on a yearly basis, hence assisting with the various financial implications and expenditures that come with having a disability. By the end of the year, if a person found eligible is under 18 years of age, the DTC will also provide an extra credit/refund. The […]
April 12, 2022
Some of the best RESP plans in Canada can help you pay for your child’s education costs, relieve them of a lot of stress, and keep them from having to take out huge student loans. According to statistics from Statistics Canada, there was an average tuition fee for undergraduate programmes in Canada in 2021 of $6,580 per year. It was even more expensive for people who wanted to go to school for things like dentistry and veterinary medicine. The cost of Canadian university education is expected to keep rising, so making the most of your child’s registered education savings plan […]
April 12, 2022
A Personal Real Estate Corporation (PREC) is a corporation that only one real estate salesperson, associate broker, or managing broker owns. It is used to take advantage of the income and tax planning abilities of a corporation. As long as they work in real estate or help services with their real estate services, personal real estate corporations can’t do anything. The real estate salesperson who has the PREC licence must be the only voting shareholder and the only director or officer of their very personal real estate corporation. How does Personal Real Estate Corporation benefit you? The benefits of PREC […]
April 12, 2022
You or someone on your behalf will get a T5008: Statement of Securities Transactions Slip from your broker. This slip lists all the securities that you, or someone on your behalf, bought, sold, or cashed in during the year. In your case, the T5008 slip could include any of these: Bonds, debentures, promissory notes, and other similar things. Shares and mutual fund units that can be purchased and traded on the open market. A small business corporation’s shares and other shares can be put off for a certain time. At maturity, T-bills can be sold. The figures on your T5008 […]
April 12, 2022
What is an FPT deposit in Canada? In Canada, FPT stands for “Federal-Provincial/Territorial Tax” Credit, and the deposit is used to fund a variety of government aid programs. However, if your bank statement shows a deposit with this entry, it implies you’ve received the GST/HST credit or Canada Child Benefit (CCB). In most cases, the Canada FPT deposit is used to pay for the Canada Child Benefit (CCB), a credit for federal GST/HST, and, more recently, for the BC Climate Action Tax Credit or other provincial schemes that are similar to it. On your bank statement, FPT deposits from Canada […]
April 12, 2022
Real estate agents and brokers have historically been prohibited from carrying on their business through a corporation. But now Several provinces, including British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, Nova Scotia, and, most recently, Ontario, allow PRECs. Under the proposed regulations, individuals can incorporate and register their real estate service business to form a “personal real estate corporation” (PREC). What is a Personal Real Estate Corporation? A Personal Real Estate Corporation (PREC) is a corporation belonging to a single real estate salesperson, associate broker, or managing broker for the purpose of benefiting from the income and tax planning potential of a corporation. […]
