Filing Taxes Insights

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 […]

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 […]

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 […]

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 […]

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 […]

What You Need to Know About Payment Dates and Benefits for 2022 The purpose of this article is to inform you about the payment dates and benefits (2022) and everything you need to know about Canada Workers Benefits (CWB) and the Ontario Disability Support Program (ODSP). The first thing you will learn is what benefits you will be able to enjoy in 2022 and when you will receive payments. This article will give you all the information you need on this subject. Canada Workers’ Benefits (CWB): If you or your spouse earns income through work and falls into the category […]

Almost all commodities in Canada are taxable, whether they are purchased or brought in. In Canada, there are two types of taxes: GST, the general sales tax, and the PST, the provincial sales tax. This tax is combined with the HST. If you live in a province that collects the HST on behalf of the federal government, you may have to pay that money back to the federal government. HST is currently being imposed by five provinces: Ontario, Nova Scotia, Newfoundland and Labrador, Prince Edward Island, and New Brunswick. A 13% HST rate was implemented by Ontario in 2010 along […]

You can get access to previous and current tax slips from an issuer through the CRA. Please contact them if you require a copy of your tax documentation, notification, reassessment, income proof, or other tax documents. What do you know about the T4 slip? A T4 slip is a tax document that summarises the annual earnings and any deductions from your job. Every year, when tax season arrives, employees are presented with T4 slips. These documents help find out how much one gets earned and deducted for the year. As T4 plays a role as a government document, therefore, it […]