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Filing Taxes Insights

April 12, 2022
Canadian Tax Year - Key Dates 2022

Canadian Tax Year – Key Dates 2022

One of the most important things to remember as a taxpayer is the deadlines for filing your taxes. The Canada Revenue Agency sets strict due dates for returns and payments. Filing your return on time helps you avoid any interest or penalties and get your refund earlier. We’ve rounded up all the major dates that matter for your taxes to make this season stress-free. When Can I File My Taxes in 2022?? Tax Filing Deadline for Individual Tax Returns The tax filing deadline for your 2021 tax return is May 2, 2022.  The Canada Revenue Agency usually expects individual taxpayers […]
April 6, 2022
U.S. Tax Id

U.S. Tax I.D. Numbers for Canadians

Are you interested in obtaining an Individual Taxpayer Identification Number? Read on to find out what an ITIN (Individual Taxpayer Identification Number) is and how you can apply for one. Please note, that this number is not a replacement for the Social Security Number (SSN). This information will teach you how to apply for an IRS Individual Taxpayer Identification Number in Canada.  What is an ITIN? An Individual Taxpayer Identification Number (ITIN) is a number that is assigned to non-resident aliens of the U.S. who earn income in the U.S. This number is not a replacement for the Social Security Number […]
March 29, 2022
GST/HST Installment Payments and Dates 2022

Installment Payments of GST/HST

Where GST registrants file and remit on an annual basis, the CRA does not wait a year or more for the tax. As is the case with income tax, annual GST filers are required to make a series of four installment payments at regular intervals throughout the year. Who Has to Pay Instalments? Not every registrant has to pay quarterly. An individual who is a sole-proprietor or small business owner with a net tax of more than $3,000 owing in the current year and either of the two previous years will have to pay personal tax in installments during the […]
March 29, 2022
Make a will

The Best Online Will Kits in Canada 2022

Everything in your will is something that is truly yours. These are assets that have been designated for someone else, like: insurance money. The accounts are for “brokerage or investments.” The money for retirement and pension plans Income from bank accounts that payout when you die. The best online will Canada has is important because we want to know about it. The most important part of estate planning is to have a legally binding will ready when you need to make one. When you die, your money, assets, property, and investments (known as your estate) will go to the people […]
March 29, 2022
Employment Insurance

Employment Insurance Maximum Insurable Earnings 2022

The maximum insurable earnings (MIE) is the highest level of income for which employment insurance (EI) premiums are paid. The maximum amount of money that can be paid each week in benefits under the EI programme will be set by it. There will be a big increase in the Maximum Insurable Earnings (MIE) for Employment Insurance in 2022, the Canada Employment Insurance Commission (CEIC) said. This is up from $56,300 in 2021. The maximum amount that can be taken into account when someone is applying for EI benefits and how much EI premiums can go. The MIE is updated each […]
March 29, 2022
Tax Filing Softwares

The 7 Best Free Tax Return Software for Canadians in 2022

Paying taxes can be hard and intimidating, especially if you don’t know how to do accounting or finance. But there is good news: There are free tax software that makes it easy to file your taxes online. One of the main benefits of using the tax return software program is that you can save money by not having to pay a tax expert. When you file your own taxes, you will save money every year. Is submitting taxes online an increasing trend? So, the big agencies will hire professionals. However, the majority of small businesses and solopreneurs have the option […]
March 29, 2022
Canada Emergency Student Benefit

2022 ODSP Payment Dates, Benefit Amounts and Application

In Ontario, the ODSP is a welfare program funded by the Ontario government that is available to individuals who are unable to work due to medical conditions or disabilities. As well as health benefits, it provides financial assistance for basic needs such as housing, food, and clothing. Our first point of discussion will be the ODSP payment dates for 2022. The next step is to describe in detail what this program involves, what benefits are available, and how to apply. Let’s begin. What Is ODSP? The Ontario Disability Support Program (ODSP) provides an income and employment support service to residents […]
March 29, 2022
Spousal Tax Laws

2022’s Top Canadian ETFs

What are EFTs? An exchange-traded fund (ETF), like a traditional mutual fund, allows you to invest in a portfolio of securities, such as stocks or bonds. ETFs are traded at some stage in the day on an alternate at marketplace-decided prices, just like individual securities. ETFs are open-ended, meaning new units can be created and existing gadgets redeemed each day based totally on investor calls. Closed-end budget and character securities, on the other hand, usually issue a fixed number of units or shares. Using ETFs is an outstanding way for investors to build a low-cost, broadly diversified portfolio and save […]
March 29, 2022

What Is a Spousal RRSP?

Even though you might be paying for the plan, your spouse is the “annuitant,” or owner. This is called a spousal RRSP. In general, the main goal of the spousal RRSP is to move retirement income from one spouse to the other. When the lower-earning spouse starts taking money out of their retirement fund, their lower tax rate can help you manage your tax bill as a couple, because you both pay less. It may also be possible for the higher-earning spouse to take a tax deduction for the money he or she gives to the family. Why would you […]