Filing Taxes Insights
August 25, 2022
The cost of goods and services that go up quickly can hurt businesses and family budgets in Canada in a big way. Recent inflationary economic headwinds have hit many countries around the world, including Canada. These include rising oil prices; a strain on the global supply chain after the pandemic; and the conflict in Ukraine. When inflation lasts for a long time, it usually hurts our wallets the most, such as at gas stations and grocery stores, but it also hurts many other parts of the economy. In 2022, Canada recorded the highest inflation rate of 8.1% in June since […]
August 25, 2022
In Canada, many businesses rely on the trucking sector to keep their delivery systems running smoothly across the country. The trucking business drives the whole Canadian economy. The trucking business is a big part of Canada’s economy, according to the Dolphin Ltd. delivery website. Also, with more than 63.7 million exports in 2018, the industry made close to 39.55 billion Canadian dollars. Additionally, this figure has increased in significant years. The importance of the truck sector is well known to the Canadian government. The truck industry has changed and is now using new technology to catch up with the rest […]
August 25, 2022
One in five children, or 385 million children, struggles to survive and get the necessities. Children are twice as likely as adults to live in poverty. Over 660 million children are expected to live in complicated or complex situations and poor homes, with poverty rates once again regularly greater than those of adults. Poverty is much more than just income. Social protection is essential for defending and empowering poor children. Only one in three children receives any kind of child or family assistance, even though millions worldwide are not protected by social protection. The child tax benefit is a program […]
August 25, 2022
Finding out you have a serious illness like diabetes can turn your life completely upside down. Living as a diabetes patient is extremely hard and heart-wrenching. Diabetes Type 1 has no cure and the person diagnosed with this disease has to live with it for the rest of his/her life. In diabetes disease, the immune system starts destroying the insulin-making cells that are located in the human body’s pancreas. Insulin plays a very important role in balancing the energy supply of micronutrient levels. Juvenile diabetes is mostly diagnosed in children and young people between 1 and 20, which is why […]
August 25, 2022
Introduction We had probably become a little too accustomed to our own four walls during the global pandemic crisis. We were driven into a moment of contemplation by COVID-19 and the general pandemic lockdown, which had eliminated all the options for travel in the interim. We were increasingly seeking methods to recreate the festive experience from the comfort of our homes due to blocked borders, flight cancellations, complete lockdown, and the suspension of operations at various ports. However, when the situation became more stable and indoor tourism was allowed, many of us became more excited about the idea of returning […]
August 25, 2022
The Canada Revenue Agency (CRA) uses tax audits to make sure that your tax return correctly reflects the taxes you are required to pay to the government. There are two degrees of seriousness associated with tax audits that a Canadian business may experience. One is a desk audit, in which the Canada Revenue Agency just wants to investigate one section of a tax return that could seem dubious. Another option is a thorough audit. A taxpayer may occasionally be chosen at random for an audit. There is nothing you can do to change it; it’s like hitting the very worst […]
August 25, 2022
Finding the right bookkeeper can be a challenge. Make sure you ask the tough questions to ensure you get the best service. 1. What Do You Charge? A bookkeeping service provider should be able to give you a general estimate on cost early in the conversation after providing some information. It might be a range as well, but resist the temptation to think you are going to be on the lowest end of the spectrum. A good bookkeeper is an investment. 2. What Information Do You Need From Me to Give Me a Quote? A bookkeeping service that has been […]
August 24, 2022
The current reporting requirements for Charities & Non-Profit Organizations have left a lot of our clients wondering what exactly they are required to file. This article is intended to act as a general guideline for the reporting requirements of Charities & Non-Profit Organizations. Charities Under the Income Tax Act, every registered charity has to file an information return each year. The return must be filed no later than six months after the end of the registered charity’s fiscal period. The Information Return includes: Registered Charity Information Return, Form T3010A. Registered Charity Basic Information Sheet, Form TF725 List of directors, trustees, […]
August 23, 2022
There is a misunderstanding among international students that they don’t need to file taxes like local residents in Canada. If you sojourned in Canada for 183 days or more (the 183-day rule) in the tax year, you must file a tax. There are a lot of benefits for international students who file their taxes. The biggest one is a tax credit. T2202A or T2202 This is a form for tuition by the school. General students can download it from the school’s website or go directly to the student office to ask for or request a replacement receipt. Social Insurance Number (SIN) SIN is also known as the […]
