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Filing Taxes Insights

March 23, 2022

Is it possible to invest in U.S. stocks through a TFSA? (Foreign tax implications)

The TFSA was first put into place in Canada in 2009, and it has been around since then. People in Canada have reaped the benefits of tax-free savings accounts (TFSAs) in large numbers. Canadians who hold foreign investments in a TFSA, on the other hand, may be subject to tax consequences. Let’s take a look at Canadian (non-U.S.) clients and how their TFSA investments may be affected by the tax. Foreign investments can be held in a TFSA, and dividends paid to the account are tax-free in Canada. However, there is a withholding tax. Now, let’s take a look at […]
March 23, 2022

CANADA WORKERS BENEFIT (CWB) PAYMENT DATES 2022

This article will explain what the Canada Workers’ Benefit (CWB) is, how it works, and who is eligible to receive it. You will know the payment dates for the year 2022 enabling you to submit your claim on time. Canada Workers Benefit (CWB) Canada Workers Benefit (CWB) is a scheme introduced to help low-income taxpayers. If you are doing some work to generate your income and your earnings fall into the low-income group, you are eligible for this scheme. This scheme is available to individuals and families. If you are a low-income taxpayer, you will get a refundable tax credit […]
March 23, 2022

Canada’s Pro Deposit 2022: What Is It? (Everything You Need To Know)

Did you see “Pro Deposit” on your bank statement, and are you confused about it? “Pro Deposit” is nothing to be stressed about, so don’t be. Even though deposits and withdrawals can be complicated, Canada Pro Deposit isn’t going to get you in trouble. If you’re seeking out information about what is Canada Pro Deposit, how much can be saved, who is eligible, or a way to apply for it, and when are you going to expect to receive it? Scroll down to find answers to all your questions! Understanding Canada’s Pro Deposit Canada Pro is a deposit programme for […]
March 23, 2022

Is HST Included in Ontario Commercial Lease Rents?

When the Ontario legislature met on December 9, 2009, they agreed to the sales tax reform that was proposed in the 2009 Ontario budget. The single harmonized sales tax (HST), which is set to start in Ontario on July 1, 2010, will combine the Ontario Retail Sales Tax (RST) and the federal Goods and Services Tax (GST) into a single value-added sales tax called the HST. This means the HST rate will be 13%, which is made up of the federal part (5%) as well as the provincial part (5%). Commercial real estate landlords and tenants will both be affected […]
March 22, 2022

Is It Better To Take CPP Early Or Late?

Is it better to take CPP early or late? There are some people who want to start their CPP early. Are you debating whether or not to put off the meeting? The answer is no. In general, people wait until they are 65 before they retire. Should you wait until you’re 70, the last possible age, to make a decision? There are a lot of difficult decisions that soon-to-be retirees have to make as their retirement date approaches. One of them is when to start taking CPP. It’s a big decision, and like many financial decisions, there are a lot […]
March 22, 2022

Don’t fall for the Employment Insurance Tax Trap in 2022

Benefits from Employment Insurance (EI) are fantastic. When you are between jobs, are laid off, or are on parental leave to connect with your child, EI will pay you. While this safety net is extremely beneficial to your cash flow, EI may come back to bite you at tax time. Most of the time, some income tax is taken from EI funds with each payment. Many people believe that sum would “cover” their taxable income and that they will owe nothing extra. However, the amount generally deducted is a significantly lesser proportion than what you will frequently be required to […]
March 22, 2022

TFSA Beneficiary Vs. Successor Holder: Which One Is More Important?

People often say that we need to make sure that our money is protected should we die or become incapacitated. In addition, we are told to ensure that the people who will benefit from our work are aligned with our long-term goals. As for the TFSA, there’s a more important designation called the successor holder, and in some cases, we don’t want to list a beneficiary, but we’d rather list a successor holder, so we’ll write that down, as well. There are a lot of benefits to having a beneficiary (or successor holder) in your bank account. It speeds things […]
March 22, 2022

Is Auto Insurance Taxed In Ontario?

Auto insurance is the most obligatory and is a vital investment to protect your vehicle. And if you live in Ontario, you may be wondering if there is a tax on automobile insurance. Here we’ve got answers to all your questions. Will insurance save money? Yes! After the accident, insurance will cover your car, your car’s driver and passengers, and any pedestrians or property involved in the accident. But it all depends upon how much insurance you need. If an individual has sufficient liability coverage for damage or harm, then they may have reduced costs. However, people who want comprehensive […]
March 22, 2022

Tax Review In Canada: What You Should Know

Text review can be both simple and serious, as long as you know what to provide and what you need to know. If the Canada Revenue Agency (CRA) chooses your tax for a review, you may be required to submit additional documentation and answer a few questions. What exactly is the Canadian Tax Review? Tax returns are frequently chosen for review by the Canada Revenue Agency. Following tax filing season, some Canadians receive a pressing letter from the CRA informing them that their taxes are being reviewed. Often, the review will be difficult, especially if you are required to submit […]
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