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Filing Taxes Insights

March 25, 2022

What Dividends Are Eligible and Non-Eligible?

A dividend is usually money that a business or investment corporation makes and gives to its shareholders. Dividends from Canadian corporations are taxed at a lower rate than other forms of income, such as wages or interest. Because the firm has already paid taxes on the money it generated and used to pay dividends, the dividends are not taxed again when they are paid. As a result, there is a means to claim a credit for corporation taxes previously paid. Individuals should pay the same amount of tax whether they earn money on their own or via a company, and […]
March 25, 2022

What is the Ontario Trillium Benefit?

Low-income families can get money back from the Ontario Trillium Benefit (OTB), which is a tax credit that can be used to pay for things like energy costs and sales taxes. It’s meant to help these families, so it’s there. It takes three tax credits and puts them all together in one payment. The Ontario Energy Credit The Ontario Energy and Property Credit The Ontario Sales Tax Credit The province of Ontario is paying for the credits, and the Canada Revenue Agency is in charge of paying them out to people. Direct deposit payments may show up in your account […]
March 25, 2022

What Exactly is Part XIII Income Tax?

Part XIII income tax is a withholding tax levied on certain payments or credits made to non-residents. This tax does not apply to all earnings. In general, passive earnings are a source of concern for Part XIII tax. In other words, Part XIII tax is a tax withheld by the payer from the payment of a non-resident. The following are the most common types of Canadian income subject to Part XIII taxation: Pensions, annuities, interest, dividends, management fees, estate or trust income, rent, royalties, and payments for film or video acting services.  Is Part XII Tax Refundable? No, the Part […]
March 25, 2022

What Is The New Consolidated Caregiver Tax Credit?

There are three non-refundable tax credits you may be able to claim if you are caring for and supporting a member of your family in 2016. Injured relatives, caregivers, and family caregivers can get a tax credit for caring for them. Caregivers often have to pay for things that can’t be changed, and these tax credits were meant to help them pay for some of these costs. However, the rules were hard to understand. There was news about a new tax credit for caregivers in 2017. This year, these three nonrefundable credits were streamlined and combined into one new nonrefundable […]
March 24, 2022

ASPE VS. IFRS: Which Accounting Standard Is Right For Your Business?

If you own a business in Canada and want to keep it on the right track, you can use either the ASPE or IFRS. However, before selecting one of them, you should have a thorough understanding of what those accounting requirements imply for your company. Whether your business is small or medium-sized, you must be familiar with the Generally Accepted Accounting Principles (GAAP) framework. This framework includes both the Accounting Standards for Private Enterprises and the International Financial Reporting Standards (IFRS). What are the three basic accounting requirements in Canada? For for-income companies, Canada has three preliminary options when it […]
March 24, 2022

ODSP Corporate Tax Deadline 2022

The Canada Revenue Agency is in charge of corporate tax regulation at the federal level. Provinces administer their own tax systems and set general corporate tax rates that apply to both large and small business corporations, regardless of size. The general corporate tax is levied on the earnings of all business corporations, large and small, after deducting general tax reductions. And these rates have fluctuated over the years. The Canadian government introduced many reforms in its corporate tax system to facilitate the business community due to COVID 19.  Big corporations paid a 28% general corporate tax rate in 2019, while […]
March 24, 2022

What is ROE Canada? | When Should ROE Be Issued?

ROEs are completed by employers across Canada as part of their payroll processes. Regardless of whether an individual is an employee or an employer, the subject of ROEs and the complexities that surround them can be difficult at times. If ROE issues aren’t resolved, benefits may be delayed, fraud may be committed, or large fines may be imposed. To answer all your questions related to records of employment in Canada, let’s look closer at ROEs both from the employee’s and employer’s perspectives. What does “ROE” mean? ROE refers to a record of employment. Employers in Canada send this form to […]
March 23, 2022

The CRA’s T2 Schedules for corporations. The common T2 Schedules for 2022

When we file our corporate taxes, it is not as simple as filling out a T2 and filing it with the Canada Revenue Agency (CRA). Moreover, to the T2, you must submit your corporation’s tax obligations “schedules” as part of this procedure. These schedules are essential to provide CRA with supplementary information about your corporation’s filings and tax returns. Here is a list of some commonly used T2 schedules for corporations in 2022: 1. Schedule 1 T2 2. T2 Schedule 100 3. T2 Schedule 50 4. T2 Schedule 125 5. T2 Schedule 4 6. T2 Schedule 8 7. T2 Schedule […]
March 23, 2022

Mark Your Calendar for These Important Tax Dates in Canada in 2022

2022 Canadian Tax Year-Important Dates This calendar will assist you in staying on top of important tax dates in 2022. The first day of this tax year is January 1, 2022. 2 March 2022 The deadline for making RRSP contributions for the 2021 tax year has passed. January 22nd, 2022 The e-file service is currently unavailable due to maintenance. The 24th of February, 2022 E-filing is now available for Canadian residents and immigrants for the 2021 tax year. 28th of February, 2022 The deadline for employers and the CRA to issue T4s, T4As, and T5s has passed (Canada Revenue Agency). […]