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Filing Taxes Insights

March 29, 2022
Tax Filing Softwares

The 7 Best Free Tax Return Software for Canadians in 2022

Paying taxes can be hard and intimidating, especially if you don’t know how to do accounting or finance. But there is good news: There are free tax software that makes it easy to file your taxes online. One of the main benefits of using the tax return software program is that you can save money by not having to pay a tax expert. When you file your own taxes, you will save money every year. Is submitting taxes online an increasing trend? So, the big agencies will hire professionals. However, the majority of small businesses and solopreneurs have the option […]
March 29, 2022
Canada Emergency Student Benefit

2022 – 2023 ODSP Payment Dates, Benefit Amounts and Application

In Ontario, the ODSP is a welfare program funded by the Ontario government that is available to individuals who are unable to work due to medical conditions or disabilities. As well as health benefits, it provides financial assistance for basic needs such as housing, food, and clothing. Our first point of discussion will be the ODSP payment dates for 2023. The next step is to describe in detail what this program involves, what benefits are available, and how to apply. Let’s begin. What Is ODSP? The Ontario Disability Support Program (ODSP) provides an income and employment support service to residents […]
March 29, 2022
Spousal Tax Laws

2022’s Top Canadian ETFs

What are EFTs? An exchange-traded fund (ETF), like a traditional mutual fund, allows you to invest in a portfolio of securities, such as stocks or bonds. ETFs are traded at some stage in the day on an alternate at marketplace-decided prices, just like individual securities. ETFs are open-ended, meaning new units can be created and existing gadgets redeemed each day based totally on investor calls. Closed-end budget and character securities, on the other hand, usually issue a fixed number of units or shares. Using ETFs is an outstanding way for investors to build a low-cost, broadly diversified portfolio and save […]
March 29, 2022

What Is a Spousal RRSP?

Even though you might be paying for the plan, your spouse is the “annuitant,” or owner. This is called a spousal RRSP. In general, the main goal of the spousal RRSP is to move retirement income from one spouse to the other. When the lower-earning spouse starts taking money out of their retirement fund, their lower tax rate can help you manage your tax bill as a couple, because you both pay less. It may also be possible for the higher-earning spouse to take a tax deduction for the money he or she gives to the family. Why would you […]
March 29, 2022

Canadian Inheritance Tax Laws and Information

There is no inheritance tax or death tax in Canada, so there is no need to pay it. There would be no tax on the inheritance if you were a beneficiary and got it from an estate and didn’t pay any. Rather, the estate would pay taxes before any tax is given to beneficiaries. The executor of the estate would be in charge of this process. In Canada, taxes are levied after a person dies. Only the income from the estate is taxed, not the assets of the estate. If there are assets in the estate, a “deemed disposition,” where […]
March 28, 2022
CanadaWorkers Benefit

How to Apply for the Canada Workers Benefit?

The Canada Workers Benefit (CWB) is an improved version of the Working Income Tax Benefit. The working income tax benefit has been reintroduced in 2018 as Canada Workers Benefit (CWB). CWB is a refundable tax credit available for low-income individuals in the workforce. It’s designed to help low-income workers and their families with the rising costs of basic necessities. Find out if you qualify for the CWB, how much you could be entitled to, and how to apply. Over the past few decades, the cost of living has skyrocketed throughout the country while wages have stagnated. More Canadians are finding it […]
March 27, 2022
Grant Application

Small businesses in Ontario can apply for a $10,000 grant

The Ontario government offers focused relief for organisations and those impacted by the contemporary COVID-19 pandemic. As a part of this plan, the authorities are introducing a $10,000 grant for eligible corporations that are difficult to close below the change to Step Two of the Roadmap to Reopen and are supplying additional strength-price relief for businesses as well as workers and families. It’s basically a new financial relief programme to help businesses affected by the COVID-19 pandemic. If you have a suitable small business, you can apply for Ontario government grants for small businesses. Ontario Business Expense Rebate Program The […]
March 26, 2022
Old Age Security 2022

Old Age Security (OAS) Eligibility and Amounts in 2022

What is Old Age Security (OAS)? The Old Age Security (OAS) pension is one of three main retirement income sources for seniors in Canada. It is designed to help seniors meet their income needs in retirement. OAS is a monthly benefit available to anyone age 65 or older.  If you happen to be a senior whose income is below a certain amount, the OAS will also include the Guaranteed Income Supplement (GIS).  As part of your retirement income with the Canada Pension Plan (CPP), it’s important to understand how much OAS you’ll receive so you can be confident you’ll have […]
March 26, 2022
Medical and Tax Expenses

Medical Expenses and Taxes: What Can You Claim?

One of the most overlooked nonrefundable tax deductions is the medical expense tax credit. The majority of Canadians know about the medical expense tax credit, but many fail to keep receipts or keep up with their expenditures. In addition to your spouse and common-law partner, you can claim this tax credit for your kids under 18. Additionally, medical expenses can be claimed by your spouse, if you have one, and your common-law partner. In addition to parents and grandparents, siblings, aunts, uncles, nieces, and nephews may be eligible to receive benefits. The government of the country provides a portion of […]