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Filing Taxes Insights

September 21, 2022
Incorporation in Canada

What’s Next After Incorporating a Company in Canada?

Congratulations—you’ve incorporated your business! Certain things must be done now to keep your company up-to-date and CRA compliant. Remember, you’re no longer your company You’ve heard it before… a corporation is a “separate entity”.   But what does this mean?   It’s like another person. It has the power to enter into contracts, pay and receive money, sue, and be sued. Once you have a corporation, you should not be doing business in your personal name anymore. Any contracts, agreements, or other documents you draft should be in the company name. This way, should things go wrong, you’ll not be […]
September 15, 2022
t4 and t4A slips

T4 vs T4A Differences – When To Issue Which Slip?

T4 vs T4A – What’s the Confusion? There is a common confusion each year among business owners as to when to issue a T4 vs T4A. Business owners who employ several individuals may have staff working full-time, part-time, or once-in-a-while. So, to whom do we issue a T4, and to whom a T4A? What’s the difference? How does it impact the employer and those who work for it? Let’s discuss this below. Employee vs Subcontractor Determining when to issue a T4 (vs T4A) requires determining whether an individual is an employee vs subcontractor. The following factors come into play to determine […]
September 9, 2022
Investment Portfolio

How Can Tax Loss Harvesting Help Your Investment Portfolio?

Tax loss harvesting is a new term that might sound strange to ordinary people in Canada. Nevertheless, it’s simple and straightforward if you understand a few guidelines. The year 2022 is a perfect year for recovering losses as the market is volatile and fluctuating. So let us understand what tax loss harvesting really is. When selling underperforming assets for less than you purchased them for in order to generate a tax loss that can offset realized capital gains in any area of your portfolio, Harvesting tax losses is a common component of portfolio management and typically happens when wealth managers […]
September 9, 2022

Buying Property in Canda

Buying a property is a thrilling and exciting feeling a buyer might experience. People make this big purchase either to build a home where they will enjoy gazing out the window, have a good living standard, and lots of other enjoyments. Or to establish a business place where you will fulfill your other dreams. According to observations and research, owning a property stabilizes or improves your financial status. The most important steps you must take before buying a property are doing your research and getting a full examination of your financial status. For instance, how much debt you have in […]
September 9, 2022
US Stocks in Canada

How to Buy US Stocks in Canada

The American stock market is the place to be, let’s face it. Yes, Canada has one, and it is brimming with fantastic chances for all kinds of investment schemes. The international gold standard is, however, the American stock market. The cost and ease of investing in US equities from Canada are both favourable.  Several online trading platforms provide Canadians access to the New York Stock Exchange (NYSE) and the NASDAQ, two of the most important international stock markets where you may purchase shares in businesses like Tesla, Netflix, and Meta Platforms (Facebook). For many Canadians, investing in US equities is […]
September 9, 2022
Farmers Tax

Top 8 Tax-Saving Tips for Your Farm

In Canada, agriculture is a huge industry. According to the Tax Planning for Farmers Website, there are 189,874 farms in Canada with yearly cash earnings of over $54 billion. The agriculture sector must always respond promptly to a variety of issues, including extreme weather occurrences, trade conflicts, and changing market conditions. The well-being of farm operators is impacted by each of these problems. It is crucial to gather data on the state and resilience of the agriculture industry in light of these difficulties.  As a farmer, you have a variety of special tax considerations. You should take the time to […]
September 9, 2022
Tip Box

Are Tips Taxable in Canada ?

The tipping culture has been going around for years and years. Tips are often modest sums of money given to someone in appreciation for a service they have provided or rendered. There are several occasions in our everyday lives when we are given the opportunity to give tips to any service provider.  For instance, you are dining out or in, meeting with friends at a pub, or getting your hair and nails done at a salon. So in each situation, you received a service. Now it is your decision to make whether you need to give a high tip or […]
August 25, 2022
Disability Tax Credit

10 Benefits of Getting Approved for the Disability Tax Credit and RDSP

Most disabled Canadians may not take advantage of all of the disability benefits that are available to them. However, they don’t know that the rules and processes for getting in can be different, and the application process could take a long time. There are a number of benefits for those who qualify for the Disability Tax Credit (DTC). You may be eligible for not only $1,900 to $2,200 each year ($5,500-$6,000 for children), but you could also be eligible for other credits and benefits. So, would it surprise you to learn that the Disability Tax Credit entitles you to some […]
August 25, 2022
Tax Break

What is the gas tax break in Canada?

The pandemic and Russia and Ukraine war have caused lots of disturbances in the world market. Canada faced the highest inflation rate of 8.1% in June. This inflation rate came as a surprise, and it had a big effect on the lives of Canadians as well. The increase in inflation has been the highest since 1983.  Canada is a prominent supporter and is providing aid to Ukraine in the Russia and Ukraine war. This has caused significant changes in prices all over the world. Canada has also faced massive shortages in fuel and oil. People’s demand for gas, energy, and […]