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Filing Taxes Insights

May 23, 2022
RRSP Contribution Guide

RRSP Contribution Guide

Contributing to an RRSP is always a great move, right? Not so fast. RRSPs reduce your taxes by sheltering income from tax when you contribute. You will pay the income tax later when you withdraw the funds, which is ideal when they’ve had a few years to grow (tax-free), and when you’re in a lower tax bracket because you’re retired or pulling back from your career. Here’s what to consider when you’re trying to decide whether, and how much, to contribute to your RRSP. The higher your income, the more you should contribute to your RRSP In general, the higher […]
May 17, 2022
Pay Off Mortgage

Tips to Pay Off Your Mortgage Faster

What’s the quickest way to pay off your mortgage? There isn’t 1 “fastest way” to pay off your mortgage. However, there are several things you can do to pay down your mortgage as quickly as possible. A shorter amortization – amortization period is how long it will take you to pay off your mortgage. Selecting a shorter amortization (i.e., 25 instead of 30 years) will increase your regular payment amount but you’ll be mortgage-free sooner. Select the amortization that lines up with payments you’re comfortable with. Make payments weekly or biweekly -Making more frequent payments can help shorten your mortgage and […]
May 12, 2022
Bookkeeping in Canada

Why Business Needs Effective Bookkeeping?

Accounting and Bookkeeping for your small business may not be the most fun aspect but they are the most important. Why Business Fails? The study showed that 29% of small businesses failed because they ran out of cash and 23% failed because they did not have the right team. 18% of small businesses failed because of pricing and cost issues and 17% failed because they lacked a business model. These four ways equate to 87% of why businesses fail. Running out of cash, not having the right team, pricing and cost issues, and a lack of business model can all […]
May 1, 2022
CRA Review and Audit

CRA Review And Audits Of Your Tax Return

By educating yourself on the process and making sure you have all your important records on hand, you can save yourself a lot of unnecessary worries. You filed your return on time, but now you have received a letter from the Canada Revenue Agency (CRA) asking for more info about the return. Should you be concerned? Not necessarily. As long as you have kept the information the CRA needs to review, the process can be smooth and headache-free. Here’s what you need to know. How are returns selected for review? Individuals are generally less likely to be selected for review than businesses […]
May 1, 2022
Work from home write off in canada

Work-from-Home Write-Offs in Canada

As we all are aware a lot of things changed in 2020 due to Covid-19 for everyone’s work-life with laptops and file folders permanently residing on unused dining tables, Zoom becoming the standard for connection, and lots of creative ways to combine dress shirts with sweatpants, pajama pants and everything in between. Also, with this new way of working came a host of questions regarding those mysterious tax write-offs which are now available to many more people who have joined club WFH. So that leaves me here, back behind the keyboard to share some insights and provide some guidance whether […]
April 30, 2022

Canada Emergency Business Account(CEBA)

The government has just announced the long-trailed expansion of the CEBA loan facility.  To remind long-suffering readers: CEBA (Canada Emergency Business Account) is the interest-free $40k loan, of which $10k is potentially forgivable if $30k is repaid by December 31, 2022. You access the loan through your regular bank or credit union, but the government back-stops it and makes the decision as to whether or not you qualify. The program has just been expanded to a total loan of $60k, with up to $20k of that being forgivable. Here are the key things you need to know: Who’s eligible? This […]
April 30, 2022
International students in Canada

Taxes Implications for International Students Studying In Canada

If you are an international student studying in Canada, you may have to file a Canadian income tax return. You must determine your residency status to know how you will be taxed in Canada. Residency status For income tax purposes, international students studying in Canada are considered to be one of the following types of residents: resident (includes students who reside in Canada only part of the year) non-resident deemed resident deemed non-resident Residency status is based on the residential ties you have with Canada. What are residential ties Residential ties include: a home in Canada a spouse or common-law partner or dependents […]
April 30, 2022
Leaving Canada Permanently

The Tax Implications of Leaving Canada Permanently

From assets and property to personal ties, several factors will affect your taxation, so detailed planning needs to be done in advance of the move. About three million Canadians currently live outside the country. And many others contemplate making a move at some point in their lives – whether it be to pursue a professional opportunity, return to their home country or relax in a warmer climate. But if you are thinking of moving abroad, it’s important to remember that the process can be complicated. Among other things, you will need to plan for the tax consequences, especially if you expect […]
April 30, 2022
Working Remotely Abroad from Canada

What Are the Tax Implications of Working Remotely Abroad from Canada?

Before granting an employee’s request to telework from another country, employers need to ensure the organization is meeting all its obligations. Despite the widespread closure of borders, there are more digital nomads than ever worldwide. And, with the introduction of vaccination passports and increasing remote work opportunities, a growing number of employees are attracted by the prospect of teleworking from abroad.But, before employees relocate, employers have several legal and tax liabilities to keep in mind. The risks of non-compliance are real for the employer. Failure to meet tax obligations can result in problematic situations. It’s best to plan and take the necessary […]