Filing Taxes Insights

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]