Insights

The T1 taxpayer's form is also known as the Income Tax and Benefit Return. Here is an overview of everything Canadians need to know about the T1 form, including who should fill it out, where to get it, and its various sections. What Is a T1 Form? The T1 form is a summary of all […]

A dividend is usually money that a business or investment corporation makes and gives to its shareholders. Dividends from Canadian corporations are taxed at a lower rate than other forms of income, such as wages or interest. Because the firm has already paid taxes on the money it generated and used to pay dividends, the […]

The Ontario Trillium Benefit (OTB) is a refundable tax credit available to low- and moderate-income residents in Ontario. It combines the Ontario Energy and Property Tax Credit, the Northern Ontario Energy Credit, and the Ontario Sales Tax Credit. The annual OTB entitlement is usually divided by 12, and payments are issued monthly. The province of […]

Part XIII income tax is a withholding tax levied on certain payments or credits made to non-residents. This tax does not apply to all earnings. In general, passive earnings are a source of concern for Part XIII tax. In other words, Part XIII tax is a tax withheld by the payer from the payment of […]

There are three non-refundable tax credits you may be able to claim if you are caring for and supporting a member of your family in 2016. Injured relatives, caregivers, and family caregivers can get a tax credit for caring for them. Caregivers often have to pay for things that can't be changed, and these tax […]

If you own a business in Canada and want to keep it on the right track, you can use either the ASPE or IFRS. However, before selecting one of them, you should have a thorough understanding of what those accounting requirements imply for your company. Whether your business is small or medium-sized, you must be […]

The Canada Revenue Agency is in charge of corporate tax regulation at the federal level. Provinces administer their own tax systems and set general corporate tax rates that apply to both large and small business corporations, regardless of size. The general corporate tax is levied on the earnings of all business corporations, large and small, […]

ROEs are completed by employers across Canada as part of their payroll processes. Regardless of whether an individual is an employee or an employer, the subject of ROEs and the complexities that surround them can be difficult at times. If ROE issues aren't resolved, benefits may be delayed, fraud may be committed, or large fines […]

Filing corporate taxes extends beyond submitting a base T2 return to the Canada Revenue Agency. Private corporations must include various additional "schedules" packed with supportive calculations, data and disclosures attributed to their specific situation. Much like forms appended to personal returns, these schedules integrate directly with the core T2 providing deeper insight, transparency and validation […]

The TFSA turned into first placed into area in Canada in 2009, and it's been round due to the fact that then. People in Canada have reaped the benefits of tax-loose financial savings accounts (TFSAs) in huge numbers. Canadians who preserve overseas investments in a TFSA, on the other hand, can be problem to tax […]

This article will explain what the Canada Workers' Benefit (CWB) is, how it works, and who is eligible to receive it. You will know the payment dates for the year 2022 enabling you to submit your claim on time. Canada Workers Benefit (CWB) Canada Workers Benefit (CWB) is a scheme introduced to help low-income taxpayers. […]

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 out information about what is Canada Pro Deposit, […]

When the Ontario legislature met on December 9, 2009, they agreed to the sales tax reform that was proposed in the 2009 Ontario budget. The single harmonized sales tax (HST), which is set to start in Ontario on July 1, 2010, will combine the Ontario Retail Sales Tax (RST) and the federal Goods and Services […]

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 […]

People often say that we need to make sure that our money is protected should we die or become incapacitated. In addition, we are told to ensure that the people who will benefit from our work are aligned with our long-term goals. As for the TFSA, there's a more important designation called the successor holder, […]

Auto insurance is the most obligatory and is a vital investment to protect your vehicle. And if you live in Ontario, you may be wondering if there is a tax on automobile insurance. Here we've got answers to all your questions. Will insurance save money? Yes! After the accident, insurance will cover your car, your […]

Text review can be both simple and serious, as long as you know what to provide and what you need to know. If the Canada Revenue Agency (CRA) chooses your tax for a review, you may be required to submit additional documentation and answer a few questions. What exactly is the Canadian Tax Review? Tax […]

What happens to your retirement benefits if you relocate or retire outside of Canada? More and more Canadians are choosing retirement destinations with a lower cost of living and warmer climates. Many retirees move abroad during the winter (snowbirds), while others leave Canada permanently, so what happens to the pension and security payments of such […]

A Tax Identification Number, commonly referred to as a Business Number by the CRA, is a 15-character code assigned to your business by the CRA. This number can be divided into three parts: Your company's nine-digit business identification number (BIN) An identifier for the program typically consists of two letters. The four-digit number assigned to […]

Those receiving Old Age Security (OAS) and residing in Canada who have a low income may be eligible for a monthly non-taxable benefit from the Guaranteed Income Supplement (GIS). To be eligible for the GIS benefit, you must be a legal Canadian resident and receive an old-age security pension. It is an income-tested benefit, which […]

You'll receive a T4RIF slip if you receive payments from your Registered Retirement Income Fund (RRIF). You have to fill out boxes 16 to 37 as they apply. The amount you enter in each of the boxes from 16 to 37 is the gross amount of the payment before any other deductions or tax is […]

The Canada child benefit (CCB) is one of the key government benefit programs available for families with children in Canada. It’s no secret that raising a family is expensive. For some parents, the costs that accompany the care and upbringing of children can strain their finances, causing hardship and emotional stress as they struggle to pay […]

Currently, when looking at your Notice of Assessment, you will see an 8-character, alphanumeric code previously referred to as your Internet Access Code (IAC). Starting in 2020, this code is now being referred to as the NETFILE Access Code (NAC). If you have lost or never received an access code to NETFILE GST/HST return, you […]

If you’re under the low-income bracket and are looking for a job or struggling to meet the basic costs of living in Ontario, you should prepare for the Ontario Works payment dates. Ontario Works is one of the main pillars of social assistance and welfare payments in the province of Ontario.  Ontario Works is a […]

When the government deposits money into your bank account, it’s filed under a series of different codes. One of them is “Canada Fed”, a deposit you may notice when you review your bank statement. As with any deposit, it’s important to know where it came from to determine if the money belongs to you and […]

As the tax season approaches, it is critical to recognize the key files you will get from the Canada Revenue Agency (CRA) following the filing of your tax return. The Notice of Assessment (NOA) and the T1 General are two of the maximum important documents. The NOA gives the quantity of tax which you owe […]

When facing debt, many Canadians think that cashing out their investments to pay out their debt is a good idea. Unfortunately, the truth is that cashing out the funds in your RRSP to cover your debts is not ideal. Here’s why: If you use your Registered Retirement Savings Plan (RRSP) funds to cover a debt, you will […]

Normally, if you do not file a tax return and are required to, or if you make false statements in completing your tax return, or if you leave out important information so that you under-report your income, the Income Tax Act imposes penalties. In circumstances of willful fraud or tax evasion, you may be criminally prosecuted. Filing […]

When an employee gets paid, deductions are taken at the source and remitted to the government. This includes CPP contributions that entitle them to the Canada Pension Plan in their senior years, income tax, and Employment Insurance (EI).  But self-employed workers don’t automatically pay into Employment Insurance the way that employees do. This means that […]

Americans moving out of the U.S. to countries like Canada are still required to file U.S. tax returns in addition to various other disclosures, forms, and treaty elections each year. Whether it's Canadians returning to Canada after residing in the U.S. for a number of years, or simply Americans retiring to Canada, there is a […]