Insights

Bonus  You must subtract all of the following sums from any bonuses you paid to your staff: Canada Pension Plan (CPP) contributions (without taking into consideration the annual basic exemption amount if the payment is made separately from their regular pay) Employment insurance (EI) premiums income tax How to calculate your bonuses Bonus pay is […]

What is CRB?  Canadians who were employed or self-employed and directly impacted by COVID-19 but were not eligible for Employment Insurance (EI) benefits received financial assistance through the Canada Recovery Benefit (CRB). Is the CRB taxable? The money received from the CRB is taxable, as it needs to be reported as income on tax returns […]

Do You Get Calls from the Canada Revenue Agency (CRA)? No matter what nation you presently reside in, new scams are created every day. You must do all in your power as a taxpayer to be on guard and informed about such schemes. There is always a chance of getting fake communication when receiving calls, […]

The holiday season is among the best periods of our lives. Where we make a lot of memories, spend time with loved ones, and see new places. We finally get a vacation from our demanding schedules and jobs. Naturally, going on holidays is quite good for our physical and emotional health. After putting in long […]

What to pay your employees for holidays? One of the most wonderful times in our lives is the holiday season, when we create many memories, enjoy time with friends and family, and travel to new locations. Finally, we get a break from our stressful schedules and workplace. Naturally, taking vacations is incredibly beneficial to our […]

What is Passive Income? Passive income is defined as revenue obtained through owning assets or capital property that provide income without requiring a lot of work on the part of the shareholder. What is a TFSA? The TFSA initiative started in 2009. It is a method for people to save money tax-free for their whole […]

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 […]

The Income Tax Act makes distinctions between a wide range of sources of income, including wages, dividends, interest, and capital gains. There are some sorts of income that just do not fit anywhere on your income tax return, despite all of these distinctions. T4A slip The T4A slip stands for Statement of Pension, Retirement, Annuity, […]

Line 14500 on the tax return is also known as "social assistance payments." Social assistance payments are paid to recipients or other parties based on a means, needs, or income test and cover expenses such as rent, utilities, and provisions for food, clothes, and shelter. Line 14500 is usually displayed at 5007, the Statement of […]

What is the T1 general form? The Income Tax and Benefit Return is another name for the T1 General Form. It is the form that Canadians use to submit their income taxes. The form, which includes your provincial or territorial tax (with the exception of Quebec), total income, net income, tax due, deductions, non-refundable credits, […]

You must record any Annual union, professional, or like dues you receive to the Canada Revenue Agency as investment income. There are, however, certain exceptions, and being aware of them and knowing how to take advantage of them can help you pay less in taxes. What is line 12100 on the tax return?  Line 21200 […]

Every Canadian citizen and resident is required by law to file tax returns. Both individuals and businesses are accountable for the timely filing of tax returns and payment of taxes. However, it can be challenging for consumers to comprehend how much tax they must pay owing to the complexity of the Canadian tax system. By […]

What is a T4A slip? The T4A slip stands for Statement of Pension, Retirement, Annuity, and Other Income. The information reported on all of the T4A slips you created for each recipient for the calendar year is totaled on the T4A. Furthermore, in the T4A slip, you can also get information on the following incomes: […]

What is the T4E Tax form?  It stands for Statement of Employment Insurance and Other Benefits (T4E). A T4E is a tax information slip that Service Canada issues to you and the Canada Revenue Agency (CRA) that details the gross Employment Insurance benefits that were paid to you for the prior tax year, the income […]

There's a good probability that you've already registered for DoorDash and begun your new side business while you read this tutorial. Understanding how tax regulations operate and how to increase revenue from each delivery is crucial for delivery drivers. You work for yourself, which implies that you run your own little business. Being your boss […]

Gift cards are a popular way to give a present or reward someone. They are also a convenient way to pay for purchases at various retailers. But how are gift cards taxed in Canada? Here are some things you need to know. What are gift cards? A gift card is a prepaid card that you […]

In the modern world, it is becoming more and more typical for parents or families to give money to their relatives to assist them in purchasing homes, typically in the form of down payment assistance. Given that down payments have risen so significantly over the past few decades, homeownership is effectively out of reach for […]

Eligible expenses  According to the tax credit website, you are eligible for safety Tax credit seniors if you tick these boxes  The person applying must be 65 years of age or older by the year's end  The person applying must live with an elderly relative or guardian within 24 months  Not dependent on income  Moreover, […]

Workplace dynamics have changed as a result of the pandemic. Numerous people have been compelled to work remotely, and some have made the decision to move. However, the need has led to some unexpected revelations. Employers will need to implement internal risk management procedures and comprehend the implications of allowing their employees to work remotely […]

Introduction  Many tax filers urgently need to receive their T4 online. It doesn't matter if you need a copy for your records, a T4 for tax filing, or to provide your bank with evidence of income when applying for loans or mortgages. The T4 is a necessary tax form since it details your income from […]

What are T4 slips?  A T4 slip is also known as the Statement of Remuneration Paid in Canada. A T4 slip is used to record every dollar that an employer gives to an employee in a certain calendar year. The T4 slip does not include details regarding how much income you earn, but it does […]

How to know what the best interest rate on an equipment lease is  The interest rate is described in a way that you will be charged for using your lender's cash each time you require funding. Your lease rate, or interest rate, is the sum you pay. So when you want to know the best […]

What is the Ontario Real Estate Association (OREO)? One of the biggest business organizations in Canada is the Ontario Real Estate Association. With 79,000 realtor members as of August 2020, this association serves its clients. OREA is working to fulfill one of the largest Canadian aspirations: owning a home.  The Guidelines for Residential and Commercial […]

Introduction  Canada is a popular location for international businessmen, who may establish a variety of firms there. However, if you want to start your own business, you may already be aware of the many business structures you may set up if you've pondered starting your small setup in Canada and have done some research. Depending […]

In the bustling world of work, unexpected personal emergencies can strike at any moment. Fortunately, in Ontario, a legislative safety net exists to protect employees during these challenging times - the Personal Emergency Leave. Guaranteed by using the Employment Standards Act, 2000, this important gain ensures that personnel can take time without work paintings to […]

When it comes to financial planning, knowing your financial needs and sufficiency is very crucial. Get an accurate estimate of how much income tax you could owe each year in order to better understand how much of your money is yours to save, spend, and invest. Every year, you must submit a personal income tax […]

Many self-employed people and regular workers utilize a corporate automobile for these purposes, whether it be a client appointment in another city, a financial conversation at the bank, or a journey to the airport before a business trip.  You might be able to claim a car expenditure deduction on your subsequent Canada Revenue Agency (CRA) […]

Congratulations—you’ve incorporated your business! Certain things must be done now to keep your company up-to-date and CRA compliant. Remember, you’re no longer your company You’ve heard it before… a corporation is a “separate entity”.   But what does this mean?   It’s like another person. It has the power to enter into contracts, pay and […]

T4 vs T4A – What’s the Confusion? There is a common confusion each year among business owners as to when to issue a T4 vs T4A. Business owners who employ several individuals may have staff working full-time, part-time, or once-in-a-while. So, to whom do we issue a T4, and to whom a T4A? What’s the […]

In Canada, agriculture is a huge industry. According to the Tax Planning for Farmers Website, there are 189,874 farms in Canada with yearly cash earnings of over $54 billion. The agriculture sector must always respond promptly to a variety of issues, including extreme weather occurrences, trade conflicts, and changing market conditions. The well-being of farm […]