Filing Taxes Insights

The holiday season is among the best periods of our lives. Where we make a lot of memories, spend time with loved ones, and see new places. We finally get a vacation from our demanding schedules and jobs. Naturally, going on holidays is quite good for our physical and emotional health. After putting in long hours and fulfilling duties for months, vacations are really necessary. It helps us heal physically and mentally so that we can work more productively. The Ontario government is aware of how important vacation time is to employees. Therefore, in accordance with the 2018 revisions to […]

What to pay your employees for holidays? One of the most wonderful times in our lives is the holiday season, when we create many memories, enjoy time with friends and family, and travel to new locations. Finally, we get a break from our stressful schedules and workplace. Naturally, taking vacations is incredibly beneficial to our physical and mental wellbeing. After working hard and carrying out obligations for months, holidays are highly required. It aids with our physical and mental recovery so that we may function more effectively at work. The Ontario government is aware of how crucial holidays are for […]

What is Passive Income? Passive income is defined as revenue obtained through owning assets or capital property that provide income without requiring a lot of work on the part of the shareholder. What is a TFSA? The TFSA initiative started in 2009. It is a method for people to save money tax-free for their whole lives if they are 18 years of age or older and have a valid social insurance number (SIN). For tax-filing reasons, TFSA contributions are not deductible. Even when withdrawn, all contributions and income (such as investment income and capital gains) made in the account are […]

It is shocking for many people when they get to know that the bonus also gets taxed. A typical response is “Bonuses get taxed too??”. The companies give bonuses to make sure the best work is appreciated and the employee is motivated. Similar to benefit packages, bonus money may be a useful tool for retaining and recruiting the finest employees. A bonus pay system that is competitive can boost output and maintain employee interest.  Your employer normally withholds federal taxes from your bonus at a rate that is greater than the one you pay when you submit your taxes. But […]

The Income Tax Act makes distinctions between a wide range of sources of income, including wages, dividends, interest, and capital gains. There are some sorts of income that just do not fit anywhere on your income tax return, despite all of these distinctions. 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. Line 13000 on the tax return in Canada is shown in box 106 on the T4A slip.  T3 slip  […]

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 […]

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 […]

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 […]