Filing Taxes Insights

Asset Disposition: What Is It? The act of appropriately discarding or recycling unneeded or outdated equipment is referred to as “asset disposition.” What Is a Capital Asset? Capital goods frequently come in the following forms: securities for cottages like stocks and bonds. This comprises depreciable property, which is often viewed as capital property used to generate revenue for a business or property whose capital cost can be deducted as capital cost allowance over some time. It also covers any assets that would generate a financial gain or loss if sold. It often excludes the trade assets of a firm, such […]

The capacity of Canada to pull in and keep talented employees, entrepreneurs, and investment is impacted by a variety of conditions. Some of these are out of the government’s direct control, including fluctuations in commodity prices throughout the world. However, government policies have the power to influence Canada’s investment climate, and as a result, they have the power to influence how appealing our nation is to both industry and labour. The policy element of the investment climate that is of the utmost importance is tax competitiveness. Lower Tax Rate  The federal business tax rate in Canada is substantially lower at […]

A business may be acquired more quickly than it can be built from scratch. There are many important and tiny details to look at before making a rational decision about buying a small business. However, you must watch out not to overspend for a business and ensure that once you acquire one you can run it. Keep in mind that certain business prospects might be deceptive if you’re trying to acquire or buy a small business. This is why it’s crucial to conduct adequate research before making a purchase. This article will cover all the important details to look at […]

Bonus  You must subtract all of the following sums from any bonuses you paid to your staff: Canada Pension Plan (CPP) contributions (without taking into consideration the annual basic exemption amount if the payment is made separately from their regular pay) Employment insurance (EI) premiums income tax How to calculate your bonuses Bonus pay is not always available, although it is a well-established employee incentive. The employment contract must provide advanced criteria for bonus eligibility. For instance, reaching a particular goal may result in your employee receiving a $1000 bonus at the end of the year or during the hectic […]

What is CRB?  Canadians who were employed or self-employed and directly impacted by COVID-19 but were not eligible for Employment Insurance (EI) benefits received financial assistance through the Canada Recovery Benefit (CRB). Is the CRB taxable? The money received from the CRB is taxable, as it needs to be reported as income on tax returns filed by beneficiaries. You may owe more tax than the 10% tax deducted at source. Depending on how much money you made throughout the year, you could have to pay more (or less) when you file your income tax return. When you submit your income […]

Do You Get Calls from the Canada Revenue Agency (CRA)? No matter what nation you presently reside in, new scams are created every day. You must do all in your power as a taxpayer to be on guard and informed about such schemes. There is always a chance of getting fake communication when receiving calls, letters, texts, or emails. Your personal information, like your SIN, credit card number, and bank account number, may be demanded by these scammers. How can you tell if they are real or fake, though? Many Canadians have been considering this as frauds grow increasingly frequent […]

The Statista website claims that annually around 5.6 billion Canadians give to charity. If 5.6 billion Canadians give to charity then how do they make sure charity or fundraising is within tax rules? To continue offering social services, improve community quality of life, and assist the most vulnerable, charities rely on this enormous generosity. A few incentives exist to encourage such giving, and one of them is the use of charity tax credits. Here is the information you should have about charitable giving in Canada in advance of tax season. How much are Canadian taxes reduced by charitable contributions? Contributing […]

Your taxable income might be decreased with the help of the moving expenses deduction, which will ideally result in a tax refund. There are limitations on who can deduct moving expenditures, though. What do you mean by moving expensive? You can say that the expense incurred by the tenant whose mobile home is moved for dismantling, transferring, and installing the mobile home with improvements that were attached to it on the mobile home space from which it was separated.  What moving costs are tax deductible? The price of transportation and storage This covers packing, moving, hauling, storing home goods while […]

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 […]