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Filing Taxes Insights

November 1, 2022

Tax on Gift Cards in Canada

Receiving gift cards is one of the most amazing and exciting experiences one might face. Sometimes they wait for special occasions or events to receive gift cards, for instance on birthdays, new years, and Halloween.  It has become very difficult to understand how gifting or gift cards work (giving and receiving) affects taxes. We created this essay to clarify the tax repercussions so you don’t get in trouble with the Canada Revenue Agency (CRA) when giving or receiving gift cards. What are gift cards or gift certifications? Gift cards, which come in the form of swipe cards or chip cards, […]
November 1, 2022

In Canada, how much money can you gift a friend or family member without them being taxed for it?

In the modern world, it is becoming more and more typical for parents or families to give money to their relatives to assist them in purchasing homes, typically in the form of down payment assistance. Given that down payments have risen so significantly over the past few decades, homeownership is effectively out of reach for the majority of young people in the country without some sort of assistance. Furthermore, giving your child a large sum of money and telling them to go acquire a mortgage is not the easiest solution, either. Before presenting a gift, there are a number of […]
October 25, 2022

Seniors’ Home Safety Tax Credit

Eligible expenses  According to the tax credit website, you are eligible for safety Tax credit seniors if you tick these boxes  The person applying must be 65 years of age or older by the year’s end  The person applying must live with an elderly relative or guardian within 24 months  Not dependent on income  Moreover, Canadian government has also made eligible expenses related to making the home more accessible, including: Grab bars and related reinforcements around the toilet, tub, and shower wheelchair ramps, stair/wheelchair lifts, and elevators. certain renovations to permit first-floor occupancy or a secondary suite for a senior […]
October 25, 2022

How to Protect Your Personal Information Online During Tax Season

Technology has a significant impact on how individuals safeguard and protect information. There are innovative ways that have been shown to help preserve information. However, there appears to be a constant effort to try and develop better ways to keep sensitive information secret and confidential as hackers and identity thieves discover new ways to access personal data. Some people will go to the required lengths to safeguard their information. Others may not be aware of the risk involved, in which case they run the chance of becoming easy victims. The protection of the privacy and confidentiality of taxpayer information is […]
October 25, 2022

Top 7 Year-End Tax Planning Strategies For Your Business

The year’s conclusion cannot come soon enough for a lot of individuals throughout the world. The past several months have been unparalleled, and their ramifications will be felt for many years to come. And although some small company owners, like those running restaurants and brick-and-mortar shops, have had it very tough, others, like Microsoft, Google, and Facebook, have seen their companies grow. Many companies were able to change their business structures in order to offer products and services that interestingly and imaginatively appeal to the “new normal.” While others expanded the number of online courses they offered, some began selling […]
October 15, 2022

Everything: You Need to Know About T3 Tax Returns

Many citizens or people from different sectors may find T3 slip challenging or difficult to understand. The complexity of T3 slip returns might be solved after this blog. A trust can be either an “inter vivos” trust or a testamentary trust. Tax laws vary for each trust. The estates of deceased taxpayers are the focus of T3, which is often a testamentary trust that is submitted as part of the deceased taxpayer’s last T1 personal income tax return. A T3 Trust Income Tax and Information Return are used to record income obtained after the date of death. Other circumstances will […]
October 14, 2022

Teleworking Abroad: What Are the Tax Implications for Employees

Workplace dynamics have changed as a result of the pandemic. Numerous people have been compelled to work remotely, and some have made the decision to move. However, the need has led to some unexpected revelations. Employers will need to implement internal risk management procedures and comprehend the implications of allowing their employees to work remotely from other countries in terms of domestic and international taxation, employment and labour law, immigration, and benefit plans as remote work transitions from being a stop-gap solution to a permanent option. This topic deserves special attention because a lot of the tax and administrative assistance […]
October 14, 2022

Tax Benefits of Charitable Donations

Introduction There are many good reasons to give to charity, including concern for others, belief in a cause, and community involvement, but did you know that 23% of Canadians who donate to organizations do so to receive a tax credit? For those who donate to charity, Canada provides a significant tax credit scheme. Canadians are a giving lot, whether it’s donating food to the food bank, volunteering at a shelter, or taking part in a walkathon. Your gift may result in a tax deduction in addition to the wonderful feeling of knowing you’ve made a difference. If you’ve been intending […]
October 14, 2022

How to Request a T4 from Canada Revenue Agency

Introduction  Many tax filers urgently need to receive their T4 online. It doesn’t matter if you need a copy for your records, a T4 for tax filing, or to provide your bank with evidence of income when applying for loans or mortgages. The T4 is a necessary tax form since it details your income from your employer. Your T4 will show your total income, tax, CPP, and social security benefits. This knowledge is crucial when navigating your financial journey. Thus, there are several justifications for obtaining a copy of your T4. This blog will outline all the simple procedures for […]