Filing Taxes Insights

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

As an accounting professional, you will undoubtedly be experiencing difficult work weeks and long hours as tax season is in full force. Even the most devoted specialists may find the rapid pace and long hours difficult. How can you avoid burning out during the hectic season while still maintaining a high level of productivity and providing exceptional customer service? A healthy habit should stay top of mind as long as deadlines and demanding workloads do. Use this advice, whether you’re a seasoned expert or starting your first tax season, to stay active and productive. You probably have other things on […]

In recent decades, the nature of labour has undergone a significant transformation. To begin with, it’s now extremely common for people to work for a number of different firms during their careers. Second, pension plans were far more widespread in earlier years. In 2019, just 37% of Canadian workers were enrolled in a pension plan, according to Statistics Canada (as reported by the Financial Post). It is sufficient to state that times have changed from the days when an employee would remain at one company for the whole of their career and retire comfortably at age 65. Retirement plans One […]

Since cryptocurrencies are a relatively new invention, there need to be taxation regulations in place so that Canadians may understand how to fulfill their tax duties. In 2014, the Senate conducted a study of the topic of cryptocurrency taxation and made recommendations for action to assist Canadians in understanding how to file their taxes, which the Canada Revenue Agency (CRA) is carrying out by disseminating this guidance. What is Cryptocurrency?  A digital currency, or cryptocurrency, is an alternative payment method developed utilizing encryption methods. By utilizing encryption technology, cryptocurrencies may act as both a medium of exchange and a virtual […]