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Filing Taxes Insights

July 30, 2022
Budget Summary

A Plan to develop Our Economic System and make Standard of living more Affordable and Stylish.

The 2022 federal budget highlights two important policy proposals. The first one is targeted at boosting economic development and innovation. This is the first federal budget after the 2021 elections. The finance minister focuses on boosting the economy more sustainably. The 2022 federal budget summary was released by Canadian deputy prime minister and minister of finance, Chrystia Freeland: A Plan to Grow Our Economy and Make Life More Affordable. In the 2022 federal budget, the finance minister talks about affordable houses, climate change, economic growth and innovation, employment, public health care, a fair tax system, a planned borrowing strategy, and fiscal […]
July 30, 2022
Return Tax Filing

Methods of filing your tax returns in Canada

Are you a resident of Canada and the deadline for paying your taxes is quickly approaching, but you’re not sure what to do? You have no notion of how to file a tax return or what the methods of filing tax returns are. Then you don’t need to worry at all. You are at the right place.  In this blog, we will discover modern and novel techniques to file Canadian tax returns. Additionally, you will get a general overview of how to determine whether you need to submit a tax return and what paperwork you would need to do so. […]
July 27, 2022
Capital Gain/loss in Canada

How to Carry Forward Capital Losses to Deduct Future Gains?

While capital gains are subject to tax, capital losses are deductible by the same token. But do you know that, with some caveats, you can carry your capital losses forward to offset taxes on capital gains in the future? One step at a time, let’s go through what counts as a capital loss and how you can benefit from it.  What may be considered a capital loss as per the CRA? When you dispose of a capital property for less than your adjusted cost base (ACB, i.e., the cost of a property and the expenses to acquire it.), the money […]
July 27, 2022
Relocation deductions in Canada

Relocation Tax Deductible Expenses

Did you know that some of the costs you incur in connection with relocating to a new job in Canada are tax-deductible? Moving, in general, comes with a slew of different kinds of anxieties, as well as life changes and often significant monetary expenses. But, if you’re starting a new job in a new place, can you deduct your moving expenses? If so, what can you deduct? This is what we are going to take a closer look at here. Tax Deductible Moving Expenses: The Basics You may be qualified for moving expenses tax deductions if you are a Canadian […]
July 27, 2022

How to Register a Business in Ontario (Corporation & Sole Proprietorship).

Have you ever considered starting your own business or one with some friends? If you have, you must have heard how long and tedious the process might be. You are confused and don’t know which step to take to start a business. No worries, in this blog you will learn step-by-step how to open your own business as a sole proprietor or with your friends as a corporation in Ontario. Sole Proprietorship In business terms, a sole proprietorship business is defined as a business owned by a single person, an individual, or one owner. A sole proprietor’s ship owner is […]
July 25, 2022
Independent Contractor or Employee

What’s Better to Hire an Independent Contractor or Employee?

In times of outsourcing, downsizing, and economic cutbacks, it may be advantageous for a company to hire individuals as independent contractors to perform some of the functions that are currently being performed by that company’s employees. However, simply calling someone an independent contractor does not make it so. CRA will look behind the title of an individual to determine whether that person is in fact an independent contractor or an employee. Basically, CRA will determine whether a master-servant relationship exists, which indicates that an employer-employee relationship exists. While there are significant benefits to hiring an independent contractor to perform certain […]
July 25, 2022
Couple Tax Filing in Canada

Filing Your Tax Returns As A Couple In Canada

In Canada, tax returns are always filed separately, which means that you and your partner will continue to file individual tax returns. However, if you’re using tax software, you’ll have the option of “coupling” the preparation of both returns. Filing the two individual returns together can help optimize tax returns by identifying ways in which taxes can be reduced and can help maximize the benefits for each couple. While the process of filing your return doesn’t result in any significant changes, whether you’re married or living common-law, here’s what you need to know about filing your taxes with a partner. […]
July 25, 2022

Why Outsource Accounting for Your Small Business in Canada?

Here are a few compelling reasons to dump Quickbooks in favour of professional outsourced accounting services for your business. Let’s face it: in the business world, accounting has a reputation for being a dull subject. If you’re a small business owner, you’d rather discuss your products and services than your accounting debits and credits unless you work in accounting. As a small business owner, you’ve undoubtedly kept a close eye on expenses, knowing that it’s your responsibility to keep costs low. You might have even done your own bookkeeping in QuickBooks or glanced over your bookkeeper’s shoulder to keep an […]
July 23, 2022

Is Rental Mortgage Interest Tax Deductible in Canada?

Your mortgage interest tax might be deductible in various situations if you own a property in Canada that generates income. Whether it is your primary residence, a rental property, or a place of business or work from home, you can perhaps declare your right for mortgage interest on your property. However, there are several methods for Canadians to comprehend and claim that mortgage interest tax is deductible on real estate. However, today we will look at how to claim it on rental properties in Canada. Is mortgage interest tax deductible on rental property in Canada? According to Canadian government guidelines […]