Filing Taxes Insights

A business may be acquired more quickly than it can be built from scratch. There are many important and tiny details to look at before making a rational decision about buying a small business. However, you must watch out not to overspend for a business and ensure that once you acquire one you can run it. Keep in mind that certain business prospects might be deceptive if you’re trying to acquire or buy a small business. This is why it’s crucial to conduct adequate research before making a purchase. This article will cover all the important details to look at […]

Bonus  You must subtract all of the following sums from any bonuses you paid to your staff: Canada Pension Plan (CPP) contributions (without taking into consideration the annual basic exemption amount if the payment is made separately from their regular pay) Employment insurance (EI) premiums income tax How to calculate your bonuses Bonus pay is not always available, although it is a well-established employee incentive. The employment contract must provide advanced criteria for bonus eligibility. For instance, reaching a particular goal may result in your employee receiving a $1000 bonus at the end of the year or during the hectic […]

What is CRB?  Canadians who were employed or self-employed and directly impacted by COVID-19 but were not eligible for Employment Insurance (EI) benefits received financial assistance through the Canada Recovery Benefit (CRB). Is the CRB taxable? The money received from the CRB is taxable, as it needs to be reported as income on tax returns filed by beneficiaries. You may owe more tax than the 10% tax deducted at source. Depending on how much money you made throughout the year, you could have to pay more (or less) when you file your income tax return. When you submit your income […]

The majority of tax planning is quite simple. If you own your home and make contributions to an RRSP, TFSA, and RESP, you are already benefiting from the finest tax sheltering. However, the main concern for everyone’s how to increase tax refunds in Canada. Reduce your debt With interest rates rising, now could be a good time to look into paying off obligations you may have, such as a mortgage, HELOC, or personal line of credit. By doing so, you might prevent your loan carrying costs from rising before the additional payments start to reduce your available investment funds. You […]

Do You Get Calls from the Canada Revenue Agency (CRA)? No matter what nation you presently reside in, new scams are created every day. You must do all in your power as a taxpayer to be on guard and informed about such schemes. There is always a chance of getting fake communication when receiving calls, letters, texts, or emails. Your personal information, like your SIN, credit card number, and bank account number, may be demanded by these scammers. How can you tell if they are real or fake, though? Many Canadians have been considering this as frauds grow increasingly frequent […]

The Statista website claims that annually around 5.6 billion Canadians give to charity. If 5.6 billion Canadians give to charity then how do they make sure charity or fundraising is within tax rules? To continue offering social services, improve community quality of life, and assist the most vulnerable, charities rely on this enormous generosity. A few incentives exist to encourage such giving, and one of them is the use of charity tax credits. Here is the information you should have about charitable giving in Canada in advance of tax season. How much are Canadian taxes reduced by charitable contributions? Contributing […]

Your taxable income might be decreased with the help of the moving expenses deduction, which will ideally result in a tax refund. There are limitations on who can deduct moving expenditures, though. What do you mean by moving expensive? You can say that the expense incurred by the tenant whose mobile home is moved for dismantling, transferring, and installing the mobile home with improvements that were attached to it on the mobile home space from which it was separated.  What moving costs are tax deductible? The price of transportation and storage This covers packing, moving, hauling, storing home goods while […]

The holiday season is among the best periods of our lives. Where we make a lot of memories, spend time with loved ones, and see new places. We finally get a vacation from our demanding schedules and jobs. Naturally, going on holidays is quite good for our physical and emotional health. After putting in long hours and fulfilling duties for months, vacations are really necessary. It helps us heal physically and mentally so that we can work more productively. The Ontario government is aware of how important vacation time is to employees. Therefore, in accordance with the 2018 revisions to […]

What to pay your employees for holidays? One of the most wonderful times in our lives is the holiday season, when we create many memories, enjoy time with friends and family, and travel to new locations. Finally, we get a break from our stressful schedules and workplace. Naturally, taking vacations is incredibly beneficial to our physical and mental wellbeing. After working hard and carrying out obligations for months, holidays are highly required. It aids with our physical and mental recovery so that we may function more effectively at work. The Ontario government is aware of how crucial holidays are for […]