Filing Taxes Insights
March 13, 2021
Definition of Capital Gains Capital gain is the profit earned on the sale of a ‘capital asset’. Canadian Revenue Agency (CRA) defines securities in the form of shares, investment properties, bonds, and stocks as well as real estate as “capital assets”. Capital gain results when the selling price of an asset exceeds its purchase price. Calculation of Capital Gains Investments yield income when they are held and create capital gains when sold. We pay income tax on the income generated by investments and pay capital gain tax when investments are sold at a profit. CRA requires the following amounts to […]
February 18, 2021
Tracking your Meals and Entertainment CRA Corporate may appear to be something only certain types of dieters may do. But did you know that spending on these activities can actually save you tax money? There is no definite or precise rule to determine the deduction of your meal and entertainment expenses. It is a subjective and grey area that considers the factors like particular business situations. As well as the scenario in which a specific meal and entertainment expense is incurred. This guide will provide more insight into the puzzling and ambiguous meals and entertainment expenses. 1. Which “Meals & […]
February 18, 2021
There are two basic options when it comes to filing taxes in Canada i. Handle it yourself. ii. Hire a tax accountant. Let’s resolve this basic dilemma of every taxpayer together by reading through the article. When is it appropriate to file taxes yourself in Canada? The foremost factor to consider is whether you have enough time and knowledge to file your tax return. If the answer is yes, then in the first place move on with preparing a tax return yourself. Also if you have a simple tax situation or you have a single source of income and no […]
February 3, 2021
Considered as a non-refundable tax credit to help the people with disabilities in Canada, the Disability Tax Credit in Canada aims to support such people by reducing their tax liability. Once eligible for Disability Tax Credit (DTC), the person is eligible to claim the specified amount. With the lump sum of $25,000 and $ 2500 per year including the future as well as current taxes, these refunds are considered important for the people suffering from specified medical conditions. If you want to know more about Canada Disability Tax Credit (DTC), this article is for you! Who can claim the disability […]
January 24, 2021
What is meant by Personal Tax Saving? Tax saving means a reduction in taxes payable — reductions for which the person or entity cannot be indemnified by Canada Revenue Agency. Tax liability reduced within the intent of the law is tax planning and is ethical to do. Contrarily, if the intent is to exploit the law for illegal non-payment or underpayment of tax then it is termed as tax evasion, not tax saving. This basic clarification is a prerequisite for designing a tax-saving plan. Why is tax saving important? It is crucial for both an individual and an organization to […]
January 16, 2021
It doesn’t matter whether you are an owner of a big or small unit or firm, one thing is very clear that you need to have statistics or calculation of professional tax for each and every employee. What do you mean by Professional Tax? For every businessman, it is very important to understand the clear-cut meaning of professional tax then only you can estimate it in a correct way. Professional tax is a tax that is applied to the revenue you make from your employment. It is a tax that the state government charge. Employers month face the same deduction […]
January 3, 2021
With the outbreak of the COVID-19 pandemic, many lives have been affected in some or another way. The federal government has introduced several measures to support the people in need. With these measures comes a big relief for the taxpayers during these difficult times. It was imperative for the government to come up with this support. As many people have lost their jobs and businesses. Let’s have a look at these measures. Tax Filing and Payment Deadlines You will not be charged any penalty for late filing of interest if your 2019 individual (T1) income tax returns are filed and […]
December 22, 2020
In 2017, Ontario labor laws were changed for business owners for over ten years, known as Bill 148. There are most of the laws in the bill were executed on January 1st, 2018. While others came into effect at different times during the year, all the way into 2019. If you are a business owner, this bill will tremendously affect you. Therefore, any business owner needs to get hold of the new changes to make sure that they are on the right side of the law. In this blog, we will look at the most vital features of the new […]
December 18, 2020
Tax return filing is a time of the year when you go through all the expenses you made this year and consider the same. When you file a tax return for the first time, you can either do it all by yourself just by acquiring some knowledge and gathering some information on the same. Or else you can ask for professional help. If this is your first time filing, the tax filing process can be a bit confusing. However, if you know a few key tips, you will benefit from them for years to come. Filing your tax return is […]
