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Filing Taxes Insights

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 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 […]
January 24, 2022
tax planning

Tax Planning for Families and Individuals in Canada

The main objective of income tax planning for individuals as well as families is to plan one’s finances in the most tax-optimized manner. Many Canadians do not give much thought to how they can reduce their taxes until it’s time to file their tax returns each spring. By then, many tax-saving opportunities for the year may be lost. Filing your tax return is essentially once-a-year accounting to the government to settle up your taxes owing or refund due for the previous year —it is the tax planning steps that you take throughout each year that can save the most money […]
January 5, 2022
Dual Citizenship

US-Canadian Dual Citizenship Tax Issues

Dual citizenship provides many benefits, including job mobility and voting rights. It provides a platform for individuals to travel for long periods between countries for personal and professional reasons, without restrictions and without being required to apply for a visa. Canada and the United States have different tax filing requirements and regulations depending on the citizenship and residency of the taxpayer. As mentioned above, in Canada, one’s tax filing requirements depend on the residency of the taxpayer, while in the United States, the tax filing requirements are based on your U.S. person status, such as U.S. citizenship. For over one […]
January 3, 2022
Blogger/Vloggers Tax

Blogging/Vlogging Income in Canada: Taxation & Tax Tips

As we now live in a social media-driven world, blogging and vlogging (video blogs) activities have been on the rise. These activities have become so profitable that many individuals have been pursuing them on a full-time basis and earning significant income to support their lifestyles. Since blogging is sometimes treated like a paid hobby that can be pursued along with a traditional job, unlike other professions requiring certain man-hours, many bloggers ignore the fact that income made from blogging is also subject to taxes. Being a blogger or influencer can be a rewarding career with plenty of perks, but when […]
December 29, 2021
Income Splitting

Tax on Income Splitting (TOSI) in Canada – 2020

No one wants to pay more taxes than they have to, that is why many Canadian taxpayers might choose to alleviate some of the tax burdens through a practice called “Income Splitting”. Canada Revenue Agency’s (CRA) definition of Income Splitting Income sprinkling – sometimes referred to as “income splitting” – is a strategy that can be used by high-income owners of private corporations to divert their income to family members with lower personal tax rates. In simple words, income splitting is the transferring of income from a high-income family member to a lower-income family member to minimize the overall tax […]
December 27, 2021

Capital Gain On Sale Of Business Assets

It is important to contact the tax office whenever the owner changes into a single owner, a partner in a partnership, or a member of the company’s board of directors. Depending on the structure of your business, changing the owner will have a different impact on your business. Depending on your partnership agreement and if your business was registered using the official names of each partner or the operating name of a provincially registered partnership, it may change the legal name or require the registration of a new company number (BN ) and the CRA program account. It is important […]