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Filing Taxes Insights

February 21, 2022
NOA and T1 General Form

What is a Notice of Assessment (NOA) and T1 General?

Understanding the purpose and function of the primary documents will help you navigate your tax planning more confidently. It can be time-consuming and stressful to gather all the necessary income documents, keep track of document names, and where you can go to find each one, especially if you’re a first-time homebuyer who has never had to access them before.  All things considered; this can especially be a very stressful time for anyone buying their very first home. However, it’s possible to make life simpler when collecting all the information needed by lenders, such as a Notice of Assessment (NOA) and T1 General. Often, […]
February 17, 2022
RRSP

Can RRSP Be Used to Pay Off Debts?

When facing debt, many Canadians think that cashing out their investments to pay out their debt is a good idea. Unfortunately, the truth is that cashing out the funds in your RRSP to cover your debts is not ideal. Here’s why: If you use your Registered Retirement Savings Plan (RRSP) funds to cover a debt, you will have to start saving for retirement from scratch all over again with less time to do so. By tapping into your RRSP before you retire, you will miss out on the chance to grow your money with the help of your plan’s compound interest. The […]
February 15, 2022
LATE FILING TAXES

Consequences of Not Filing Taxes in Canada

Normally, if you do not file a tax return and are required to, or if you make false statements in completing your tax return, or if you leave out important information so that you under-report your income, the Income Tax Act imposes penalties. In circumstances of willful fraud or tax evasion, you may be criminally prosecuted. Filing your taxes late and not filing your taxes at all can have severe consequences. There are many probable consequences related to unfiled tax returns. CRA will assume you are evading the payment of taxes. Financial affairs and personal situations can be surprisingly sensitive to the […]
February 11, 2022
EI for self employed

How To Access Employment Insurance (EI) If You’re Self Employed?

When an employee gets paid, deductions are taken at the source and remitted to the government. This includes CPP contributions that entitle them to the Canada Pension Plan in their senior years, income tax, and Employment Insurance (EI).  But self-employed workers don’t automatically pay into Employment Insurance the way that employees do. This means that self-employed individuals can’t take advantage of EI benefits. Not unless they opt in to the program so that they can access EI’s special benefits for self-employed people, targeted at workers who take time off for:  Maternity leaves up to 15 weeks for birth mothers.  Parental […]
February 11, 2022
US Canada Tax

Tax Issues to Consider When Moving to Canada from the US?

Americans moving out of the U.S. to countries like Canada are still required to file U.S. tax returns in addition to various other disclosures, forms, and treaty elections each year. Whether it’s Canadians returning to Canada after residing in the U.S. for a number of years, or simply Americans retiring to Canada, there is a steady flow of Americans crossing into Canadian cities. Outlined below are  important issues to make clients aware of when moving to Canada from the U.S.: 1. You’ll be filing both Canadian and US income tax returns each year As an American Citizen or Green Card […]
February 5, 2022
Outsource accounting

How Outsourcing your Accounting Can Reduce Your Costs?

Are you looking for better ways to focus on growing your business’s bottom line?  If so, one of the easiest decisions any business owner can make is outsourcing their accounting operations.  There are many reasons to do this besides just being rid of the hassle that comes along with bookkeeping.   The business world is facing a cost crunch as the price of goods and services increases. A growing number of businesses are finding it harder to meet the everyday costs of operating and they are looking at options to improve their cash flow. Outsourcing important business functions are one way […]
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 […]
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