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 […]
Financial relief available for low-income households
Amidst inflation and increasing living expenses, hard-working low-income Canadians can now receive a much-needed financial boost. Introducing the Canada Workers Benefit for low-income households, a refundable tax credit designed to offer essential relief. Unlock Financial Relief with the Canada Workers Benefit for low-income households: Basic Amount and Disability Supplement When filing an income tax […]
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, […]
CRA’s T2 Schedules: A Guide to Common T2 Schedules for Corporations
Streamlining Corporate Tax Filing: Key T2 Schedules for 2023 Filing corporate taxes involves more than simply completing a T2 form and submitting it to the Canada Revenue Agency (CRA). In addition to the T2, various tax obligation schedules are required to provide supplementary information about your corporation’s filings and returns. Here are some commonly used […]
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. […]
Introducing the Enhanced Caregiver Tax Credit
Simplifying Tax Credits for Caregivers: Understanding Changes from 2016 to 2017 If you were providing care and support to a family member in 2016, you may have been eligible for three non-refundable tax credits. This tax credit was designed to assist caregiver, including those taking care of injured relatives and family caregivers. Caregivers often face […]
Eligible and Non-Eligible Dividends
Understanding Dividends and their Tax Implications in Canada A dividend is a payment made by a business or investment corporation to its shareholders. In Canada, dividends from corporations are subject to lower tax rates compared to other forms of income, such as wages or interest. This is because the corporation has already paid taxes on […]
Streamline Your Small Business Accounting in 11 Simple Steps
Simplifying Small Business Accounting: 11 Easy Steps to Streamline Your Finances Running a small business can be challenging, and the last thing you want is to complicate your accounting processes unnecessarily. In this blog post, we will guide you through 11 straightforward steps that will help you maintain organized business finances, saving you time and […]