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Filing Taxes Insights

March 26, 2022

Taxes and Parental Care: Which Expenses Are Deductible (New Rules Take Effect in 2022)?

When it comes to taking care of family and as a family caregiver, you go into an experience that takes a lot of time. Do you have a growing old dad and mum who want help, financially or physically, to look after themselves? Do you both face the cost of nursing care and other clinical desires? Monthly nursing home costs can effortlessly increase to tens of hundreds of dollars per step within a year, along with additional caregiving charges. When coping with prices of this significance, you have to recognise which fees are deductible for tax purposes, not only for […]
March 25, 2022
Personal Tax

Everything You Need to Know About Personal Taxes(T1)

The T1 taxpayer’s form is also known as the Income Tax and Benefit Return. Here is an overview of everything Canadians need to know about the T1 form, including who should fill it out, where to get it, and its various sections. What Is a T1 Form? The T1 form is a summary of all income taxes you pay to the CRA. All Canadians are required to fill and submit this form, which also declares all income you have generated for the specified calendar year. Think of the T1 as a kind of summary of all the other forms you […]
March 25, 2022

11 Steps to Simplify Your Small Business’s Accounting

Running a small business is already hard enough. There’s no need to make accounting more complicated than it needs to be, either. To help you keep your business finances in order, we’ll go over 11 simple steps in this blog post. This will help you save time and energy while also making sure your books stay in order. Let’s start now! 1. Choose the right accounting software It’s hard being a small business owner. Every day, you also have to keep track of your money. A lot of accounting software programs can help make this job easier, but it can […]
March 25, 2022

What Dividends Are Eligible and Non-Eligible?

A dividend is usually money that a business or investment corporation makes and gives to its shareholders. Dividends from Canadian corporations are taxed at a lower rate than other forms of income, such as wages or interest. Because the firm has already paid taxes on the money it generated and used to pay dividends, the dividends are not taxed again when they are paid. As a result, there is a means to claim a credit for corporation taxes previously paid. Individuals should pay the same amount of tax whether they earn money on their own or via a company, and […]
March 25, 2022

What is the Ontario Trillium Benefit?

The Ontario Trillium Benefit (OTB) is a refundable tax credit available to low- and moderate-income residents in Ontario. It combines the Ontario Energy and Property Tax Credit, the Northern Ontario Energy Credit, and the Ontario Sales Tax Credit. The annual OTB entitlement is usually divided by 12, and payments are issued monthly. The province of Ontario is paying for the credits, and the Canada Revenue Agency is in charge of paying them out to people. Direct deposit payments may show up in your account activity as “Canada PRO.” Dates for the payment of Ontario Trillium Benefits in the province of […]
March 25, 2022

What Exactly is Part XIII Income Tax?

Part XIII income tax is a withholding tax levied on certain payments or credits made to non-residents. This tax does not apply to all earnings. In general, passive earnings are a source of concern for Part XIII tax. In other words, Part XIII tax is a tax withheld by the payer from the payment of a non-resident. The following are the most common types of Canadian income subject to Part XIII taxation: Pensions, annuities, interest, dividends, management fees, estate or trust income, rent, royalties, and payments for film or video acting services.  Is Part XII Tax Refundable? No, the Part […]
March 25, 2022

What Is The New Consolidated Caregiver Tax Credit?

There are three non-refundable tax credits you may be able to claim if you are caring for and supporting a member of your family in 2016. Injured relatives, caregivers, and family caregivers can get a tax credit for caring for them. Caregivers often have to pay for things that can’t be changed, and these tax credits were meant to help them pay for some of these costs. However, the rules were hard to understand. There was news about a new tax credit for caregivers in 2017. This year, these three nonrefundable credits were streamlined and combined into one new nonrefundable […]
March 24, 2022

ASPE VS. IFRS: Which Accounting Standard Is Right For Your Business?

If you own a business in Canada and want to keep it on the right track, you can use either the ASPE or IFRS. However, before selecting one of them, you should have a thorough understanding of what those accounting requirements imply for your company. Whether your business is small or medium-sized, you must be familiar with the Generally Accepted Accounting Principles (GAAP) framework. This framework includes both the Accounting Standards for Private Enterprises and the International Financial Reporting Standards (IFRS). What are the three basic accounting requirements in Canada? For for-income companies, Canada has three preliminary options when it […]
March 24, 2022

ODSP Corporate Tax Deadline 2022

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 […]