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Filing Taxes Insights

April 20, 2022
Tax Tips for new comers to Canada

Newcomers to Canada: Tax Tips

Are you a newcomer or know someone who is? As a new immigrant, your first year is undoubtedly the hardest as you are adapting to your new environment and learning new aspects of life. Filing taxes is right up there on the list of strange concepts for many – but don’t worry, that’s what we’re here for. Newcomers are required to file an income tax return, even if they only arrived in Canada in the last few months of the calendar year. Read this blog to learn more about Canadian taxes and the deductions and credits that are available to you. Residency Status  […]
April 13, 2022
Canada Emergency Student Benefit

What Is The Canada Emergency Student Benefit? (CESB)

The Canada Emergency Student Benefit, or CESB, is student-centric financial relief amid the COVID-19 pandemic. To offer financial support to post-secondary students and recent grads who lost work opportunities due to COVID-19, the government has introduced the Canada Emergency Student Benefit (CESB) a $1,250 a-month taxable benefit available for up to 24 weeks. -The Canada Emergency Student Benefit is a Government of Canada program.  This benefit is for students who do not qualify for the Canada Emergency Response Benefit (CERB) or Employment Insurance (EI). Who Can Apply? If you can work, you must be actively looking for work to be […]
April 12, 2022

List of Disabilities That Qualify for the Disability Tax Credit

Do you know what the Disability Tax Credit is? The Disability Tax Credit (DTC) was established by the Canadian Government and the Canada Revenue Agency (CRA). It is a non-refundable tax credit and its goal is to help Canadians with disabilities and/or their families pay less income tax. The supporters would be required to pay on a yearly basis, hence assisting with the various financial implications and expenditures that come with having a disability. By the end of the year, if a person found eligible is under 18 years of age, the DTC will also provide an extra credit/refund. The […]
April 12, 2022

Best RESP Providers in Canada (2022): The Ultimate Guide

Some of the best RESP plans in Canada can help you pay for your child’s education costs, relieve them of a lot of stress, and keep them from having to take out huge student loans. According to statistics from Statistics Canada, there was an average tuition fee for undergraduate programmes in Canada in 2021 of $6,580 per year. It was even more expensive for people who wanted to go to school for things like dentistry and veterinary medicine. The cost of Canadian university education is expected to keep rising, so making the most of your child’s registered education savings plan […]
April 12, 2022

Personal Real Estate Corporation (PREC) Explained

A Personal Real Estate Corporation (PREC) is a corporation that only one real estate salesperson, associate broker, or managing broker owns. It is used to take advantage of the income and tax planning abilities of a corporation. As long as they work in real estate or help services with their real estate services, personal real estate corporations can’t do anything. The real estate salesperson who has the PREC licence must be the only voting shareholder and the only director or officer of their very personal real estate corporation. How does Personal Real Estate Corporation benefit you? The benefits of PREC […]
April 12, 2022

T5008 Slip – Statement of Securities Transactions

You or someone on your behalf will get a T5008: Statement of Securities Transactions Slip from your broker. This slip lists all the securities that you, or someone on your behalf, bought, sold, or cashed in during the year. In your case, the T5008 slip could include any of these: Bonds, debentures, promissory notes, and other similar things. Shares and mutual fund units that can be purchased and traded on the open market. A small business corporation’s shares and other shares can be put off for a certain time. At maturity, T-bills can be sold. The figures on your T5008 […]
April 12, 2022

What is Canada’s FPT deposit? FPT Dates for 2022

What is an FPT deposit in Canada? In Canada, FPT stands for “Federal-Provincial/Territorial Tax” Credit, and the deposit is used to fund a variety of government aid programs. However, if your bank statement shows a deposit with this entry, it implies you’ve received the GST/HST credit or Canada Child Benefit (CCB). In most cases, the Canada FPT deposit is used to pay for the Canada Child Benefit (CCB), a credit for federal GST/HST, and, more recently, for the BC Climate Action Tax Credit or other provincial schemes that are similar to it. On your bank statement, FPT deposits from Canada […]
April 12, 2022
Incorporating Real Estate Business in Canada

Incorporating Real Estate Business in Canada

Real estate agents and brokers have historically been prohibited from carrying on their business through a corporation. But now Several provinces, including British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, Nova Scotia, and, most recently, Ontario, allow PRECs.  Under the proposed regulations, individuals can incorporate and register their real estate service business to form a “personal real estate corporation” (PREC). What is a Personal Real Estate Corporation? A Personal Real Estate Corporation (PREC) is a corporation belonging to a single real estate salesperson, associate broker, or managing broker for the purpose of benefiting from the income and tax planning potential of a corporation. […]
April 12, 2022
RRSPs and TFSAs: Withdrawal Methods

RRSPs and TFSAs: Withdrawal Methods

You may be surprised to learn what you can do with your savings Now that you’ve watched your savings grow, you’ll eventually want or need to use them. There are many ways to use your savings. Here are some guidelines to help you decide whether you should make a withdrawal from your RRSP or TFSA before retirement. Withdrawals from an RRSP If you make a withdrawal from an RRSP, this contribution room is lost forever, and you’ll pay income tax at the time of withdrawal. You may pay higher taxes at this point because your annual income may be more than when you’re retired. […]
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