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Filing Taxes Insights

April 27, 2023
Disability Tax Credit

Who Qualifies for the CRA Disability Tax Credit?

The world is filled with unfair opportunities and less-than-ideal situations, but the Canadian government continues to find ways to even out the playing field. Several programs and services are available for those living with disabilities, for example, as this helps them cope with added expenses due to their conditions. At the same time, this allows them to still fully participate as citizens, which includes the Disability Tax Credit (DTC). To be eligible for the DTC, one must suffer from severe and prolonged impairment in physical or mental functions, which is present all or substantially all of the time (at least […]
April 24, 2023
Debt releief option for the deceased

Debt Relief Options for The Deceased Have in Canada

Do you know what debts are forgiven at death? As the saying goes, there are two things certain in life: death and taxes. But does mean that your debts follow you to the grave or might your loved ones be on the hook? In this article, we’ll look at your personal finances and death. We’ll examine whether you can inherit debt, what happens to credit card debt when a loved one passes away, and debts that are forgiven upon death.  Can I inherit debt? Does your parents’ debt become yours when they die? What about your spouse’s, significant other’s, or […]
April 24, 2023
small and new business bookkeeping

Warning Signs It’s Time to Outsource Your Bookkeeping

Small business owners too often find themselves getting distracted by administrative tasks and minutiae, at the expense of their clients and the future of their business. Here are five signs you should be outsourcing bookkeeping services.  You’re doing bookkeeping late at night.  Are you answering emails and sending invoices at two in the morning after a full workday?  As a founder or owner, you’ve got better things to do with your time. You should be focusing your time and energy on the core tasks and leadership functions that you cannot easily delegate away: Strategic planning Dealing with investors Client service […]
April 23, 2023
tax certificate

What Are Tax Clearance Certificates and Why You Need Them?

The death of a loved one can be devastating on many levels. Not only do you have to mourn the loss of someone close but you may also have to conduct important business on their behalf after their passing. In some cases, you might even be appointed as the legal representative of their estate to settle their affairs regarding bequests, gifts, and other distribution of assets. But to settle an estate and properly distribute assets like cash, real estate, or other belongings, you’ll have to go through a very specific process to avoid fines or penalties by both the courts […]
April 11, 2023
GST Tax Audit

What To Expect During A GST/ HST Audit, Audit Triggers & How To Respond?

Received a GST/HST Audit Letter – Fear not! If you are the owner of a small business corporation and you just received a CRA GST/HST audit letter, do not panic. In one of our earlier posts, we generally talked about navigating a CRA audit. In this blog post, we’ll focus on GST/HST and go over what some of the audit triggers are, what to expect when you are going through the audit, and how best to handle it. How smooth or daunting the audit process goes, all depends on you.  To navigate the audit process smoothly, you need to understand why […]
April 11, 2023

How to verify the CRA Has Contacted You Not a Scammer?

It seems we hear about victims of fake Canada Revenue Agency (CRA) scams daily. Unfortunately, some scammers take advantage of stressed-out people (especially at tax time) who may not immediately recognize that they’re being scammed. With new and sophisticated tactics appearing every day, it’s not that uncommon for people to be duped by a tax scam and it can happen to the best of us. You need to be cautious when dealing with so-called emails, texts, or phone calls coming from the CRA. Be vigilant in protecting your personal information if someone initiates contact with you and then asks you […]
April 10, 2023

How to Reduce Your Taxes in a Flash in Canada?

There are plenty of perfectly legitimate ways to make sure you don’t pay more than your fair share of income tax. Here’s the 60-second scoop. Nobody wants to pay the Canadian Government any more than necessary. But you also don’t want to end up on the receiving end of an audit — or worse. Luckily, there are plenty of legitimate ways to make sure you don’t pay more than your fair share of income tax. Here’s the quick scoop on ways to save both in April and year-round. Pull out your old returns Take a trip down memory lane to […]
April 10, 2023
FORM T1030

What Is the T3010?

Registered charities need to fill out and submit the T3010. The form features various parts that charities must complete, even during fiscal years when the entity was inactive, to remain registered. Here’s a brief overview of the T3010 form, including who should fill it out, where to submit it, penalties for missed submissions, and other crucial aspects. What Is the T3010? Also known as Registered Charity Information Return, the T3010 form is an income tax return form for registered charities. Unlike personal income slips, T3010 comes with a checklist to ensure taxpayers fill it out as required by the CRA. […]
March 16, 2023
GST/HST Credits

Are You Eligible For GST HST Credit?

If you belong to the low to medium-income bracket, then you are automatically eligible for GST/HST credit. Along with annual taxes, most Canadians pay for consumer goods and services or GST daily. It is already added to the prices of goods and services as well as in transactions in properties like land, house, and intangible personal property like downloaded products from the internet. In some parts of Canada, GST is combined with provincial sales tax to create a harmonized sales tax or HST. HST varies by province and adds a significant amount to purchased goods and services. With GST/HST credit, Canadians […]