Insights

Are you a small business in Canada? Or are you passionate about some ideas that you want to implement into your small business, but before you launch your breakthrough product or service, you might want to undertake some tax planning? If you are a Canadian entrepreneur, it is wise to draft a tax planning strategy […]

Employees of a small business organization are always active in the company’s fundamental activities, such as production, marketing, customer services, and sales. This is why bookkeeping operations are typically overlooked in such businesses. Hiring an accountant is a viable option, but that in itself comes with a lot of responsibilities, such as organizing interviews, training […]

For people currently renting or considering renting a portion of the home they own, the tax considerations can be complex and the fallout costly if you don’t do it right. In fact, earning income from renting a portion of your home can be subject to different rules and reporting requirements to the Canada Revenue Agency. […]

Buying a home, especially a newly built home, is already an expensive process in Canada. Along with land, construction, and property taxes, there’s also that troublesome GST or HST to pay. While GST/HST isn’t charged on purchases of an existing property, newly built homes will have the tax levied on them, and it can add […]

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 […]

Are you trying to find a way to save on your taxes? Simply put, you can write off some of the expenses associated with the automobile, which you use to help earn income. Whether you are an employee, a business proprietor, in a partnership or self-employed, you can find a way to save on taxes. […]

Are you a newcomer or know someone who is? As a new immigrant, your first year is undoubtedly the hardest as you are adapting to your new environment and learning new aspects of life. Filing taxes is right up there on the list of strange concepts for many – but don’t worry, that’s what we’re here for. […]

The Canada Emergency Student Benefit, or CESB, is student-centric financial relief amid the COVID-19 pandemic. To offer financial support to post-secondary students and recent grads who lost work opportunities due to COVID-19, the government has introduced the Canada Emergency Student Benefit (CESB) a $1,250 a-month taxable benefit available for up to 24 weeks. -The Canada […]

Do you know what the Disability Tax Credit is? The Disability Tax Credit (DTC) was established by the Canadian Government and the Canada Revenue Agency (CRA). It is a non-refundable tax credit and its goal is to help Canadians with disabilities and/or their families pay less income tax. The supporters would be required to pay […]

Some of the best RESP plans in Canada can help you pay for your child's education costs, relieve them of a lot of stress, and keep them from having to take out huge student loans. According to statistics from Statistics Canada, there was an average tuition fee for undergraduate programmes in Canada in 2021 of […]

A Personal Real Estate Corporation (PREC) is a corporation that only one real estate salesperson, associate broker, or managing broker owns. It is used to take advantage of the income and tax planning abilities of a corporation. As long as they work in real estate or help services with their real estate services, personal real […]

You or someone on your behalf will get a T5008: Statement of Securities Transactions Slip from your broker. This slip lists all the securities that you, or someone on your behalf, bought, sold, or cashed in during the year. In your case, the T5008 slip could include any of these: Bonds, debentures, promissory notes, and […]

What is an FPT deposit in Canada? 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 […]

Real estate agents and brokers have historically been prohibited from carrying on their business through a corporation. But now Several provinces, including British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, Nova Scotia, and, most recently, Ontario, allow PRECs.  Under the proposed regulations, individuals can incorporate and register their real estate service business to form a “personal real estate […]

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 […]

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 […]

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 […]

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. Crafting legally valid wills stands as one of the […]

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 an increase in the Maximum Insurable Earnings (MIE) for Employment Insurance […]

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 […]

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 […]

There is no inheritance tax or death tax in Canada, so there is no need to pay it. There would be no tax on the inheritance if you were a beneficiary and got it from an estate and didn't pay any. Rather, the estate would pay taxes before any tax is given to beneficiaries. The […]

The Canada Workers Benefit (CWB) is an improved version of the Working Income Tax Benefit. The working income tax benefit has been reintroduced in 2018 as Canada Workers Benefit (CWB). CWB is a refundable tax credit available for low-income individuals in the workforce. It’s designed to help low-income workers and their families with the rising costs […]

The Ontario government offers focused relief for organisations and those impacted by the contemporary COVID-19 pandemic. As a part of this plan, the authorities are introducing a $10,000 grant for eligible corporations that are difficult to close below the change to Step Two of the Roadmap to Reopen and are supplying additional strength-price relief for […]

What is Old Age Security (OAS)? The Old Age Security (OAS) pension is one of three main retirement income sources for seniors in Canada. It is designed to help seniors meet their income needs in retirement. OAS is a monthly benefit available to anyone age 65 or older.  If you happen to be a senior […]

One of the most overlooked nonrefundable tax deductions is the medical expense tax credit. The majority of Canadians know about the medical expense tax credit, but many fail to keep receipts or keep up with their expenditures. In addition to your spouse and common-law partner, you can claim this tax credit for your kids under […]

What You Need to Know About Payment Dates and Benefits for 2022 The purpose of this article is to inform you about the payment dates and benefits (2022) and everything you need to know about Canada Workers Benefits (CWB) and the Ontario Disability Support Program (ODSP). The first thing you will learn is what benefits […]

Almost all commodities in Canada are taxable, whether they are purchased or brought in. In Canada, there are two types of taxes: GST, the general sales tax, and the PST, the provincial sales tax. This tax is combined with the HST. If you live in a province that collects the HST on behalf of the […]

You can get access to previous and current tax slips from an issuer through the CRA. Please contact them if you require a copy of your tax documentation, notification, reassessment, income proof, or other tax documents. What do you know about the T4 slip? A T4 slip is a tax document that summarises the annual […]

The Old Age Security (OAS) pension and the Canada Pension Plan (CPP) are monthly payments you can only get if you are 65 or older. CPP and OAS make up a significant portion of the retirement income for many people. Any reduction due to CPP survivor benefits or OAS survivor benefits in CPP and OAS […]