Insights

My Account with Canada Revenue Agency (CRA) is the best way to make sure you are taking advantage of all the government benefits available to you and your family. What is the CRA My Account? The Canada Revenue Agency (CRA)’s My Account is a secure portal that lets you view and manage your tax-related and benefits information […]

Ontario Works is one of the province's key pillars of social assistance and welfare payments. If you require financial assistance to meet basic requirements, this benefit, which the Ministry of Children administers, Community, and Social Services, may be of help. Social aid may be offered through the Ontario Disability Support Program, depending on your circumstances […]

You pay your staff wages, bonuses, commissions, vacation money, and tips. You provide taxable benefits to them, such as personal use of a vehicle or allowances. You must also withhold and remit payroll deductions. Employers are responsible for withholding the four sums listed below: the Canada Pension Plan contribution the Employment Insurance premium federal income […]

The main objective of income tax planning for individuals as well as families is to plan one’s finances in the most tax-optimized manner. Many Canadians do not give much thought to how they can reduce their taxes until it’s time to file their tax returns each spring. By then, many tax-saving opportunities for the year […]

Dual citizenship provides many benefits, including job mobility and voting rights. It provides a platform for individuals to travel for long periods between countries for personal and professional reasons, without restrictions and without being required to apply for a visa. Canada and the United States have different tax filing requirements and regulations depending on the […]

As we now live in a social media-driven world, blogging and vlogging (video blogs) activities have been on the rise. These activities have become so profitable that many individuals have been pursuing them on a full-time basis and earning significant income to support their lifestyles. Since blogging is sometimes treated like a paid hobby that […]

No one wants to pay more taxes than they have to, that is why many Canadian taxpayers might choose to alleviate some of the tax burdens through a practice called “Income Splitting”. Canada Revenue Agency’s (CRA) definition of Income Splitting Income sprinkling – sometimes referred to as “income splitting” – is a strategy that can […]

It is important to contact the tax office whenever the owner changes into a single owner, a partner in a partnership, or a member of the company's board of directors. Depending on the structure of your business, changing the owner will have a different impact on your business. Depending on your partnership agreement and if […]

The purpose of Part IV is to prevent the deferral of dividend income tax from the portfolio through private companies or other closely controlled companies. Since companies are generally allowed to deduct dividend income when calculating their taxable income, Part IV imposes a tax on dividends received from private companies or closely controlled companies in […]

The tax system in Ontario, like elsewhere in Canada, is a vital tool for raising government revenue. It operates on both provincial and federal levels and covers various income categories, including salaries, capital gains, and yes, bonuses. In Ontario, we encounter various types of taxes, from property tax to sales tax (HST), and the one […]

Introduced in the 1980s, the Scientific Research & Experimental Development (SRED) is a federal tax incentive program administered by the Canada Revenue Agency (CRA), which issues over $6 billion in tax credits annually for qualified research and development work. The government of Canada supports innovation and entrepreneurship through this program. What is SRED in Canada? […]

Due to the pandemic, home office expenses have become the hot topic in taxation. Many people were required to work from home, and others started side gigs to make ends meet. Read on to find out what you can claim as home office expenses if you’re an employee or self-employed. Eligibility to claim Home Office […]

Are you wondering whether you should buy an investment property through a corporation or your personal name? It’s actually more than a single-line answer. It’s a very popular question asked by real estate investors and it’s hard to have one answer to that question without analyzing the client’s circumstance individually. However, there are a few […]

Every year, many doctors miss out on important tax savings simply because they did not know what they could claim. Two of the most common mistakes I see many doctors make is either not deducting enough business expenses on their tax returns or deducting too many expenses and thus exposing themselves to the risks of a CRA audit. […]

Accountants bring order to one of the trickiest, most stressful parts of your business: finances. With a professional accountant, you can save your company money, stay compliant with governing agencies, and budget for the future. The financial performance of your company is primarily dependent on the informed decision-making of your external accountant. Therefore, you need to hire a reliable […]

A question all businesses face when they are looking to purchase new business equipment – should we lease or buy in terms of taxation? What’s the best plan of action, when it’s time to upgrade equipment? Leasing your business equipment in Canada safeguards your capital, cuts red tape, allows for quick and easy upgrades — […]

Virtual accounting can easily sort out the financial foundation of your business in a hassle-free manner. virtual accounting stands out as the best way to save time. Opting for virtual accounting services is an excellent way to have good control over your finances. You maintain your accounting books perfectly when you have virtual accounting beside you […]

Rent, a major part of people’s expenses living in Canada, has increased recently. Be it a room, an apartment, a condo, or a whole house, rent prices are very high in Canada. However, the real question is whether you can claim rent on your taxes as a deduction or credit.  The answer depends upon the […]

Are you searching for ways to reduce the taxes on buying a used car? One way to save on taxes when buying a car is to buy your own used vehicle. When you change your car, the amount for the purchase of a new car will be reduced by the value of your vehicle. So, you […]

Tax Season is upon us, so you may be tempted to save yourself a few dollars by doing your own taxes. Tax returns may seem straightforward, but they can be complicated and stressful to the untrained eye. Luckily, Filing Taxes is here for your help. Let’s begin with “What is Line 10100 on My Tax […]

In the world of investing, dividends are a way to get a steady stream of income that can boost a person's returns more than just price growth. They come in different forms, and understanding their nuances can lead to better investing outcomes. This article is all about the differences between dividends that are eligible and […]

What is a TD1 tax form? The TD1 Personal Tax Credits Return is used to calculate the amount of income tax that will be deducted or withheld from your employment or pension income. It is called a personal tax credit return, and personal tax credits (non-refundable tax credits) are taken into consideration when determining your tax withholding calculations. Simply put, a TD1, […]

Tax filing and payment obligations to CRA are sometimes, intentionally or inadvertently, overlooked or inaccurately met. Considering that many taxpayers may have different and multiple tax filing deadlines, it is not uncommon for taxpayers to mistakenly miss filing deadlines.  Mistakes happen when filing taxes but, unless they are corrected properly, you or your business may […]

Preparing a T2 corporate tax return can be intimidating. Whether you are a start-up or expanding your existing business operations, it can be daunting to tackle the T2 declaration requirements and tax forms. If your company does not have an internal accountant or accounting team, it is always recommended to hire a professional accountant (CPA) […]

Canada RIT is a Canadian income tax refund and is a Canadian Revenue Authority (CRA) filing. There are few things more exciting than receiving unexpected credit from the Canadian government. But before you start spending money, you should understand what an RIT Canada deposit means. What is a Canadian RIT filing? Canadian RIT applies to […]

The Canada Revenue Agency (CRA) requires all individuals earning income in Canada to file a tax return and pay the appropriate income tax in any year their gross income exceeds certain levels, regardless of age. to file a tax return and pay the appropriate income tax in any year their gross income exceeds certain levels. […]

If you are looking to understand the basics of GST, then you have come to the right place. This post entails a complete guide regarding the GST/HST credit program in Canada. The GST/HST credit serves as a core advantage for low-to-moderate-income families in Canada. Under this, a base benefit is paid to the eligible individuals […]

As long as we earn, there will always be an obligation to pay taxes, regardless of profession. As a medical professional, medical doctor, physician assistant, or nurse either working on a part-time or full-time basis, you will also have to file for an annual tax return on your earnings.  While you look after your patients, […]

This is a guide presented by the Canada Revenue Agency (CRA) that covers the Taxation issue on Cryptocurrency. This way, you can comprehend the tax obligations and implement the recommendations mentioned ahead wherever necessary. Tax treatment Even though cryptocurrency is not a legal tender, it is a digital asset that can be used as a […]