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Filing Taxes Insights

November 10, 2021
personal tax return

What is Line 10100 On Tax Return in Canada (Formerly Line 101)

Tax Season is upon us, so you may be tempted to save yourself a few dollars by doing your own taxes. Tax returns may seem straightforward, but they can be complicated and stressful to the untrained eye. Luckily, Filing Taxes is here for your help. Let’s begin with “What is Line 10100 on My Tax Return?” One of the few tax lines that most Canadians will have on their tax return is line 10100. In case you’re wondering what exactly it is, you’ve come to the right place. What is Line 10100 on Tax Return? Simply put, Line 10100 captures […]
November 3, 2021

Difference Between Eligible and Non-eligible Dividends

What Is A Dividend Income? A dividend typically represents business or investment profits earned and distributed by a corporation to its shareholders. A dividend from a corporation is usually reported on a T5 slip to be included in your personal taxes. Assuming that a dividend is received from a corporation resident in Canada, it will be taxed at a lower rate than other types of income, such as employment or interest income. The reason is that the income earned by the corporation and used to pay the dividend has already been subject to corporate tax. Thus, there is a mechanism […]
November 1, 2021

How to Fill Out a TD1 Form (2022)?

What is a TD1 tax form? The TD1 Personal Tax Credits Return is used to calculate the amount of income tax that will be deducted or withheld from your employment or pension income. It is called a personal tax credit return, and personal tax credits (non-refundable tax credits) are taken into consideration when determining your tax withholding calculations. Simply put, a TD1, Personal Tax Credits Return, is a form that is necessary for calculating how much tax should be withheld from payments. If you are an employer who must run payroll in Canada or a pension payer, you most likely will be asked to fill this form out to […]
October 24, 2021

Voluntary Disclosure Program – CRA Wants You to Come Clean

Tax filing and payment obligations to CRA are sometimes, intentionally or inadvertently, overlooked or inaccurately met. Considering that many taxpayers may have different and multiple tax filing deadlines, it is not uncommon for taxpayers to mistakenly miss filing deadlines.  Mistakes happen when filing taxes but, unless they are corrected properly, you or your business may be on the hook for additional interest and penalties and may even risk a criminal record. The Canadian tax authorities recognize the likelihood of this situation and it is precisely for this reason that the CRA administers the Voluntary Disclosure Program (VDP). It is an […]
October 23, 2021
Image about T2 Tax

T2 Tax Return – Things You Need to Know About Your T2

Preparing a T2 corporate tax return can be intimidating. Whether you are a start-up or expanding your existing business operations, it can be daunting to tackle the T2 declaration requirements and tax forms. If your company does not have an internal accountant or accounting team, it is always recommended to hire a professional accountant (CPA) with experience with T2 tax returns. As your company’s tax obligations grow, it’s important that you keep up with the requirements to meet those obligations. What is a T2 tax return? Companies operating in Canada must pay income taxes, as do individuals. The T2 Corporate […]
October 23, 2021

Canada RIT: Things You Need to Know About the CRA Deposit

Canada RIT is a Canadian income tax refund and is a Canadian Revenue Authority (CRA) filing. There are few things more exciting than receiving unexpected credit from the Canadian government. But before you start spending money, you should understand what an RIT Canada deposit means. What is a Canadian RIT filing? Canadian RIT applies to income tax refunded by Canada and is a direct deposit of the Canada Revenue Authority (CRA). As the name suggests, if you have received a deposit with a caption, this is a tax refund from the CRA. The deposit usually arrives in your account shortly […]
October 19, 2021

Minimum Age to File Tax Return in Canada

The Canada Revenue Agency (CRA) requires all individuals earning income in Canada to file a tax return and pay the appropriate income tax in any year their gross income exceeds certain levels, regardless of age. to file a tax return and pay the appropriate income tax in any year their gross income exceeds certain levels. There is no specific age. It depends on whether you have earned enough income to do so. If you earn more than the amount of the personal exemption allowed by the Canada Revenue Agency within one tax year, you will need to report that income […]
October 19, 2021
GST Payment Dates 2022

GST Payment Dates 2022: GST/HST Credit Guide

If you are looking to understand the basics of GST, then you have come to the right place. This post entails a complete guide regarding the GST/HST credit program in Canada. The GST/HST credit serves as a core advantage for low-to-moderate-income families in Canada. Under this, a base benefit is paid to the eligible individuals and families. The base payment is decreased in proportion to the increase in income level. This article outlines the criteria of eligibility for the GST/HST credit payment, its application procedure, and other related information. GST/HST Payment Dates 2022 Benefit Quarter GST/HST Payment Dates Quarter 1 […]
September 28, 2021

How to Become a Nurse Entrepreneur –Incorporation, Accounting, and Tax

As long as we earn, there will always be an obligation to pay taxes, regardless of profession. As a medical professional, medical doctor, physician assistant, or nurse either working on a part-time or full-time basis, you will also have to file for an annual tax return on your earnings.  While you look after your patients, we’ve got our eye on all the top tax deductions for nurses and healthcare professionals.  Can you have your own business as a nurse? In Canada, nurses can carry on the practice of their profession under a corporation’s name. Nurses who operate as a professional […]