Filing Taxes Insights

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 […]

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 […]

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 […]

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). […]

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 […]

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 […]

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 A Canada PRO Deposit is a payment […]

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 […]

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 […]