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Filing Taxes Insights

March 22, 2022

What Happens to Your CPP and OAS if You Retire Outside Canada?

What happens to your retirement benefits if you relocate or retire outside of Canada? More and more Canadians are choosing retirement destinations with a lower cost of living and warmer climates. Many retirees move abroad during the winter (snowbirds), while others leave Canada permanently, so what happens to the pension and security payments of such personnel? Please continue reading to learn what happens to your CPP, OAS, and other government benefits if you decide to move outside of Canada. How to collect OAS while living abroad Among the three main sources of retirement income for Canadians, Old Age Security (OAS) […]
March 22, 2022

Application for a Taxpayer Registration Number (TRN)

A Tax Identification Number, commonly referred to as a Business Number by the CRA, is a 15-character code assigned to your business by the CRA. This number can be divided into three parts: Your company’s nine-digit business identification number (BIN) An identifier for the program typically consists of two letters. The four-digit number assigned to the program account is 123456789 RT0001 would be an example of an account number. Consider your business number to be your business tax identification number since that is the purpose for which it was created. Upon registering for one of the major program accounts you […]
March 22, 2022

What Is The Guaranteed Income Supplement (GIS) & How to claim it?

Those receiving Old Age Security (OAS) and residing in Canada who have a low income may be eligible for a monthly non-taxable benefit from the Guaranteed Income Supplement (GIS). To be eligible for the GIS benefit, you must be a legal Canadian resident and receive an old-age security pension. It is an income-tested benefit, which means that your previous year’s yearly income (or combined income for couples) is used to determine eligibility. The maximum annual income amount is available on the Service Canada website. What Is Considered to Constitute Income? Because GIS is a senior poverty reduction program, its impact […]
March 22, 2022

T4RIF – Income from a Registered Retirement Income Fund (RRIF)

You’ll receive a T4RIF slip if you receive payments from your Registered Retirement Income Fund (RRIF). You have to fill out boxes 16 to 37 as they apply. The amount you enter in each of the boxes from 16 to 37 is the gross amount of the payment before any other deductions or tax is deducted. The redemption, which is the cost associated with units of a mutual fund, is an RRIF expense. What is a Registered Retirement Income Fund (RRIF)? Primarily, a retirement fund similar to an annuity contract, which pays out income to one or more beneficiaries, is […]
March 18, 2022

Guide to CERB Taxes

The federal government used the Canadian Emergency Response Benefit (CERB) to help the households that lost wages as a result of the COVID-19 pandemic. The program initially enabled those who stopped working because of COVID-19 to receive a sum of $2,000 over a four-week period. As the pandemic got worse and more people were affected for longer periods of time, the government extended the program and now allows households to receive money over a period of 24 weeks, supplementing their income by up to $12,000. But are CERB payments tax-free? Should you set aside some money to ensure that you can pay […]
March 16, 2022
Canada Child Benefit 2022

Canada Child Benefit Payment Dates 2022

The Canada child benefit (CCB) is one of the key government benefit programs available for families with children in Canada. It’s no secret that raising a family is expensive. For some parents, the costs that accompany the care and upbringing of children can strain their finances, causing hardship and emotional stress as they struggle to pay bills and purchase everyday items. Both federal and provincial governments have implemented many kinds of programs over the years to help reduce parents’ financial burden. Some programs put money directly into parents’ bank accounts regularly, while others provide federal tax credits and GST/HST rebates. One popular type […]
March 15, 2022

Obtaining New Access Code to NETFILE GST/HST Return

Currently, when looking at your Notice of Assessment, you will see an 8-character, alphanumeric code previously referred to as your Internet Access Code (IAC). Starting in 2020, this code is now being referred to as the NETFILE Access Code (NAC). If you have lost or never received an access code to NETFILE GST/HST return, you can now get a new code by using GST/HST Access Code Online. You can also change your access code to a number of your choice by using GST/HST Access Code Online. What is it NETFILE GST/HST Access Code? The new NAC is intended to be […]
March 15, 2022
Ontario Works Benefits

Ontario Works Benefits Payment Dates in 2022

If you’re under the low-income bracket and are looking for a job or struggling to meet the basic costs of living in Ontario, you should prepare for the Ontario Works payment dates. Ontario Works is one of the main pillars of social assistance and welfare payments in the province of Ontario.  Ontario Works is a social assistance program designed to help Ontarians who don’t have enough money to cover their basic living expenses. If you have a financial need in the province and have no resources to support yourself, you may be able to get help through Ontario works. The […]
March 3, 2022
Canada FED Deposit

What is Canada’s FED Deposit in 2022?

When the government deposits money into your bank account, it’s filed under a series of different codes. One of them is “Canada Fed”, a deposit you may notice when you review your bank statement. As with any deposit, it’s important to know where it came from to determine if the money belongs to you and how it factors into your budget. The Canada Federal Deposit covers many different programs. In this article, we detail everything you need to know about federal deposits, including payment dates, and eligibility requirements.  What Is Canada Fed Deposit?  Canada Fed deposit is a direct deposit […]