As tax season draws to a close on April 30th for individuals, and June 15th for Canadians filing on behalf of their business audits, many expect to breathe a sigh of relief. However, for some Canadians, the conclusion of tax season does not mark the end of their obligations. Instead, they find themselves confronted with […]
Seeking Fresh Money-Making Opportunities? Discover Our Innovative Ideas
Are you ever pondering the possibility of earning some additional income, yet unsure about which endeavors to pursue? Look no further as we have compiled a list of ideas that can help you generate some extra cash effortlessly and money-making opportunities. Unlock Your Creativity: Kickstart a Side Hustle by Selling Handmade Items on Etsy […]
Understanding Claims for Specialized Medical Care
Maximizing Tax Benefits: Claims Specialized Medical Care Expenses If you or a family member required specialized medical care throughout the year, such as palliative care or other health-related expenses, it’s important to understand that you may have additional medical expenses that others do not. Fortunately, the Canada Revenue Agency (CRA) and Revenu Québec provide relief […]
A Comprehensive Look at Tax Updates
Saskatchewan Affordability Tax Credit (SATC) Updates: A Welcome Relief for Residents The Saskatchewan government has introduced a much-needed measure, the Saskatchewan Affordability Tax Credit (SATC) updates, to alleviate the financial burden on its residents. As part of a four-point plan aimed at combating the rising cost of living, the government will provide a $500 tax […]
All You Need to Know About Your T4 Slip
Important T4 Slip Information for New Canadians Keep an Eye on Your Mailbox It’s that time of year when you can expect some important mail, and one of those items is likely your T4 slip. Employers have until the last day of February to send out T4 slips to their employees. This document, officially known […]
Key Facts about Claiming Specialized Medical Care
Claiming Specialized Medical Care Expenses: Reduce Your Taxes with the CRA and Revenu Québec If you or a loved one required specialized medical care during the year, such as palliative care or other health-related expenses, you may have incurred additional medical expenses that others did not. To provide relief, the Canada Revenue Agency (CRA) and […]
Claiming the Guaranteed Income Supplement (GIS)
Eligible individuals who receive Old Age Security (OAS) and reside in Canada, and have a low income, may qualify for the Guaranteed Income Supplement (GIS). The GIS is a monthly benefit that is non-taxable. To be eligible for the GIS, you must be a legal resident of Canada and be receiving an old-age security pension. […]
Impact on CPP and OAS Benefits When Retiring Abroad
Retiring or Relocating Outside Canada: Impact on Your Retirement Benefits As more Canadians opt for retirement destinations with affordable living costs and warmer climates, it raises questions about the fate of their pension and security payments. Whether you’re a snowbird escaping the winter or permanently leaving Canada, this article explores the implications for your CPP […]
When is the optimal time taking CPP: early or late?
Optimal Timing for Taking CPP: Early or Late? Are you grappling with the decision of when to start taking your CPP benefits? Many individuals contemplate whether to begin early or delay until the age of 65, the conventional retirement age. But should you even consider waiting until the maximum age of 70? As retirement approaches, […]
ROE Canada: What It Is and When to Issue It
ROEs, or Records of Employment, are completed by employers across Canada as part of their payroll processes. However, whether you are an employee or an employer, dealing with ROEs and the complexities surrounding them can be challenging. If ROE issues are not resolved, it can lead to delayed benefits, potential fraud, or even hefty fines. […]