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Filing Taxes Insights

November 15, 2022

What is line 14500 on the tax return?

Line 14500 on the tax return is also known as “social assistance payments.” Social assistance payments are paid to recipients or other parties based on a means, needs, or income test and cover expenses such as rent, utilities, and provisions for food, clothes, and shelter. Line 14500 is usually displayed at 5007, the Statement of Benefits slip. The payments are often sent to:  Person  disabled people residing in nursing homes or other comparable facilities Moreover, whether they reside in nursing homes or other comparable facilities, seniors (usually 65 years of age or older). Despite the fact that these sums are […]
November 15, 2022

What is line 13500 on the tax return

What is the T1 general form? The Income Tax and Benefit Return is another name for the T1 General Form. It is the form that Canadians use to submit their income taxes. The form, which includes your provincial or territorial tax (with the exception of Quebec), total income, net income, tax due, deductions, non-refundable credits, and more, is a summary of all the other forms you fill out for your income taxes. This form is used to apply for benefits like the Canada Child Benefit or refundable credits like the GST/HST tax credit when you submit your taxes. What is […]
November 15, 2022

How and where to litigate with the Canada Revenue agency

The quantity and amount of tax audits and assessments have significantly increased as a result of the federal government’s large expenditures on the Canada Revenue Agency (CRA). High-net-worth individuals and organizations in Canada must also deal with complex tax laws and a fast-moving dispute resolution procedure. It’s crucial to proactively manage your contacts with tax authorities so that they offer value by preventing problems and successfully resolving them when they arise while being well aware of the applicable laws, internal government procedures, and available dispute resolution options. What is Tax assessment? Once a taxpayer has been assessed by the CRA, […]
November 15, 2022

How to Dispute a Tax Decision

The majority of tax returns, whether business or personal, are typically evaluated as filed by the taxpayer. However, Revenue Canada may occasionally reject the taxpayer’s return and levy further fees. This can be the result of a calculation or administrative mistake. Or there can be disagreement about how to handle a claimed deduction. This is particularly typical for a company that is being audited. Some processes allow a taxpayer to contest any higher tax assessment when they get a Notice of Assessment or Reassessment informing them that taxes are owed. A professional should be engaged from the beginning, preferably the […]
November 11, 2022

What is line 12100 on the tax return?

You must record any Annual union, professional, or like dues you receive to the Canada Revenue Agency as investment income. There are, however, certain exceptions, and being aware of them and knowing how to take advantage of them can help you pay less in taxes. What is line 12100 on the tax return?  Line 21200 on the tax return file is also known as Annual union, professional, or like dues. Line 21200 was 212 before the 2019 tax year.  You must include all revenue on your tax return, including interest, foreign interest, dividend income, foreign business income, and a few […]
November 8, 2022

What is line 23600 on the tax return day?

Every Canadian citizen and resident is required by law to file tax returns. Both individuals and businesses are accountable for the timely filing of tax returns and payment of taxes. However, it can be challenging for consumers to comprehend how much tax they must pay owing to the complexity of the Canadian tax system. By offering information on the various tax regimes in Canada and the appropriate tax amount for your income and province, we try to make things simpler for you. What is a T1 return?  Canadians submit their income taxes for each calendar year using the T1 general […]
November 8, 2022

What is line 20700 on Tax Return

What is a T4A slip? The T4A slip stands for Statement of Pension, Retirement, Annuity, and Other Income. The information reported on all of the T4A slips you created for each recipient for the calendar year is totaled on the T4A. Furthermore, in the T4A slip, you can also get information on the following incomes: Pension or Superannuation Lump-sum Payments Self-employed Commissions Annuities Patronage Allocations Registered Education Savings Plan (RESP) Accumulated Income Payments RESP Educational Assistance Payments Fees or other amounts for services Other income, such as Research Grants, Wage-loss Replacement Plan Payments if you were not required to withhold […]
November 4, 2022

What is line 11900 on the tax return?

What is the T4E Tax form?  It stands for Statement of Employment Insurance and Other Benefits (T4E). A T4E is a tax information slip that Service Canada issues to you and the Canada Revenue Agency (CRA) that details the gross Employment Insurance benefits that were paid to you for the prior tax year, the income tax that was withheld from those benefits, and any money that was paid to cover an overpayment. When preparing and submitting your Canadian income taxes, use T4Es. The official Canadian government website describes T4E in simpler words for citizens to understand. You will be issued […]
November 4, 2022

Doordash Taxes Canada

There’s a good probability that you’ve already registered for DoorDash and begun your new side business while you read this tutorial. Understanding how tax regulations operate and how to increase revenue from each delivery is crucial for delivery drivers. You work for yourself, which implies that you run your own little business. Being your boss may be an exhilarating experience. You may listen to music while driving without being concerned that someone is observing you since you never know where you’ll wind up next. You may make a significant amount of money with Doordash if you are aware of all […]