Filing Taxes Insights

Most of your purchases will be subject to Canada’s goods and services tax, or GST, unless you only make purchases from a select range of items that are exempt. Many goods and services, as well as real estate deals and even purchases of goods downloaded from the internet, all have GST tacked on to the price. The harmonized sales tax, or HST, is a combination of the GST and the provincial sales tax in some provinces. The federal government provides some Canadians and their families with the GST/HST credit since sales tax can dramatically raise daily spending. What is a […]

Did you see “Pro Deposit” on your bank statement, and are you confused about it? “Pro Deposit” is nothing to be stressed about, so don’t be. Even though deposits and withdrawals can be complicated, Canada Pro Deposit isn’t going to get you in trouble. If you’re seeking information about what is Canada Pro Deposit, how much can be saved, who is eligible, or a way to apply for it, and when are you going to expect to receive it? Scroll down to find answers to all your questions!  Understanding Canada’s Pro Deposit A Canada PRO Deposit is a payment that […]

Benefits from Employment Insurance (EI) are fantastic. When you are between jobs, are laid off, or are on parental leave to connect with your child, EI will pay you. While this safety net is extremely beneficial to your cash flow, EI may come back to bite you at tax time. Most of the time, some income tax is taken from EI funds with each payment. Many people believe that sum would “cover” their taxable income and that they will owe nothing extra. However, the amount generally deducted is a significantly lesser proportion than what you will frequently be required to […]

In Canada, FPT stands for “Federal-Provincial/Territorial Tax” Credit, and the deposit is used to fund a variety of government aid programs. However, if your bank statement shows a deposit with this entry, it implies you’ve received the GST/HST credit or Canada Child Benefit (CCB). In most cases, the Canada FPT deposit is used to pay for the Canada Child Benefit (CCB), a credit for federal GST/HST, and, more recently, for the BC Climate Action Tax Credit or other provincial schemes that are similar to it.  On your bank statement, FPT deposits from Canada are sometimes called “Fed-Prov/Terr Canada” or “FPT.” […]

Disclaimer: Before you consider which amount is tax-deductible in Canada and which is not, you need to consider whether the amount under consideration is a business donating some amount to a charity that is registered or if it is a corporate that is entering into a sponsorship agreement with any other entity. In addition to other common goals for profit, companies all over the world also recognize their social responsibility. Over the years, significant new business resources are allocated to these new efforts. Organizations must consider various options and their corresponding advantages and disadvantages. If the company wishes to support […]

Do you support someone financially? If so, you might be able to claim them as a dependant on your taxes and get a break on your taxes for the 2024 tax year. You’ll pay less tax, and who doesn’t like that? The CRA offers credits for you as a Canadian taxpayer to lower your taxes by claiming an eligible deduction for a dependant. There are many options for who you can name as your CRA eligible dependant, and claiming dependants has many benefits. So, you can list your child or spouse, but you might choose to get a break on […]

The Canadian government provides a variety of benefits to help its citizens with their financial needs. These benefits include the Canada Child Benefit (CCB), Goods and Services Tax/Harmonized Sales Tax (GST/HST) Credit, Ontario Trillium Benefit (OTB), Climate Action Incentive Payment (CAIP), Advanced Canada Workers Benefit (ACWB), and Alberta Child and Family Benefit (ACFB).  These benefits are designed to help Canadians with their financial needs, and each benefit has its own payment schedule. Each of these benefits has its own payment schedule, and this article will provide an overview of all the payment dates for these benefits in 2024. It is […]

It is shocking for many people when they get to know that the bonus also gets taxed. A typical response is “Bonuses get taxed too??”. The companies give bonuses to make sure the best work is appreciated and the employee is motivated. Similar to benefit packages, bonus money may be a useful tool for retaining and recruiting the finest employees. A bonus pay system that is competitive can boost output and maintain employee interest. Your employer normally withholds federal taxes from your bonus at a rate that is greater than the one you pay when you submit your taxes. But […]

Individuals or families with significant wealth and investable assets are classified as High Net Worth Individuals (HNWIs) in Canada. When it comes to managing their money and limiting their tax liabilities, these individuals frequently face complex financial conditions and unique obstacles. In this post, we will look into the unique tax techniques tailored to satisfy the demands of HNWIs in Canada, assisting them in effectively navigating the Canadian tax landscape. Understanding the Canadian Tax Landscape for HNWIs HNWIs in Canada must grasp the country’s tax laws, regulations, and accessible tax planning options in order to optimize their tax positions. Here […]