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Filing Taxes Insights

March 26, 2022
Old Age Security 2022

Old Age Security (OAS) Eligibility and Amounts in 2022

What is Old Age Security (OAS)? The Old Age Security (OAS) pension is one of three main retirement income sources for seniors in Canada. It is designed to help seniors meet their income needs in retirement. OAS is a monthly benefit available to anyone age 65 or older.  If you happen to be a senior whose income is below a certain amount, the OAS will also include the Guaranteed Income Supplement (GIS).  As part of your retirement income with the Canada Pension Plan (CPP), it’s important to understand how much OAS you’ll receive so you can be confident you’ll have […]
March 26, 2022
Medical and Tax Expenses

Medical Expenses and Taxes: What Can You Claim?

One of the most overlooked nonrefundable tax deductions is the medical expense tax credit. The majority of Canadians know about the medical expense tax credit, but many fail to keep receipts or keep up with their expenditures. In addition to your spouse and common-law partner, you can claim this tax credit for your kids under 18. Additionally, medical expenses can be claimed by your spouse, if you have one, and your common-law partner. In addition to parents and grandparents, siblings, aunts, uncles, nieces, and nephews may be eligible to receive benefits. The government of the country provides a portion of […]
March 26, 2022

What You Need to Know About Payment Dates and Benefits for 2022

What You Need to Know About Payment Dates and Benefits for 2022 The purpose of this article is to inform you about the payment dates and benefits (2022) and everything you need to know about Canada Workers Benefits (CWB) and the Ontario Disability Support Program (ODSP). The first thing you will learn is what benefits you will be able to enjoy in 2022 and when you will receive payments. This article will give you all the information you need on this subject. Canada Workers’ Benefits (CWB): If you or your spouse earns income through work and falls into the category […]
March 26, 2022

A Guide to HST-Exempt Goods and Services in Ontario 2022

Almost all commodities in Canada are taxable, whether they are purchased or brought in. In Canada, there are two types of taxes: GST, the general sales tax, and the PST, the provincial sales tax. This tax is combined with the HST. If you live in a province that collects the HST on behalf of the federal government, you may have to pay that money back to the federal government. HST is currently being imposed by five provinces: Ontario, Nova Scotia, Newfoundland and Labrador, Prince Edward Island, and New Brunswick. A 13% HST rate was implemented by Ontario in 2010 along […]
March 26, 2022

How do I retrieve my past year’s T4 or other tax slips?

You can get access to previous and current tax slips from an issuer through the CRA. Please contact them if you require a copy of your tax documentation, notification, reassessment, income proof, or other tax documents. What do you know about the T4 slip? A T4 slip is a tax document that summarises the annual earnings and any deductions from your job. Every year, when tax season arrives, employees are presented with T4 slips. These documents help find out how much one gets earned and deducted for the year. As T4 plays a role as a government document, therefore, it […]
March 26, 2022

Don’t Be Surprised by Survivor Benefits from OAS and CPP

The Old Age Security (OAS) pension and the Canada Pension Plan (CPP) are monthly payments you can only get if you are 65 or older. CPP and OAS make up a significant portion of the retirement income for many people. Any reduction due to CPP survivor benefits or OAS survivor benefits in CPP and OAS can be stressful. This reduction will only happen due to the sudden death of a partner. There are still so many people who don’t know about OAS and CPP benefits being reduced by 40% to 100% from lower and moderate-income households to higher-income households. Government […]
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 […]