Capital dividends are a unique form of dividend that Canadian-controlled private corporations (CCPC) can distribute to their shareholders without incurring any taxes. To keep track of these tax-free dividends, the Canada Revenue Agency (CRA) maintains a capital dividend account (CDA). The purpose of capital dividends is to enhance the integration of the Canadian tax system […]
Comprehensive Guide to NETFILE in Canada
What is NETFILE and How Does it Work? NETFILE is an electronic tax filing service provided by the Canada Revenue Agency (CRA), allowing you to submit your tax returns online. This secure service is supported by various software providers, including H&R Block, to ensure the protection of your personal information from cyber threats. Initially launched […]
Protecting Personal Info Online During Tax Season
The impact of technology on information protection is significant. Innovative methods have been developed to preserve information, but there is a constant effort to improve protecting personal info and security as hackers and identity thieves find new ways to access personal data. While some individuals take the necessary steps to safeguard their information, others may […]
Underused Housing Tax: Are You at Risk?
The Underused Housing Tax is a 1% tax levied on non-Canadian citizens or permanent residents who own vacant or underutilized residential property in Canada. In simpler terms, this tax applies to individuals who possess residential property but do not construct anything on it, leave it vacant, or rarely use it. Implemented since January 1, 2023, […]
Are you eligible for the Canada Caregiver Amount?
If your parents took care of you when you were growing up, you’re likely eager to reciprocate that care now. The great news is that the Canada Revenue Agency (CRA) also wants to show their appreciation. If you have an elderly parent or relative, you might qualify for the Canada caregiver amount. This tax credit […]
Tax Implications for Married and Common-Law Couples
If you’re married or in a common-law relationship, it’s important to inform the Canada Revenue Agency (CRA) and, if applicable, Revenu Québec, about your marital status. Tax Implications for Married can help you optimize your benefits and prevent potential tax problems in the future. Here’s a brief overview of what you need to be aware […]
Canada’s Liberal Party in Power: Impact on Taxes
Justin Trudeau has secured his third term as Prime Minister as the Liberal Party of Canada emerges victorious in the 2021 election, forming a minority government. Despite the Canada’s Liberal Party tenure in power since 2015, they have unveiled significant platform promises that are expected to have a substantial impact on the tax landscape for […]
Ensuring Tax Regulations for Charitable Fundraising
According to the Statista website, approximately 5.6 billion Canadians donate to charity each year. Charitable Fundraising depend on this generosity to provide social services, improve community quality of life, and assist the most vulnerable. To encourage such giving, there are several incentives, including charity tax credits. As tax season approaches, it’s essential to understand the […]
Key Points to Understand Regarding Capital Gains
Have you recently sold property or stocks at a higher value than your original investment? Congratulations on your profitable investment! However, it’s important to note that you may be required to report capital gains on your tax return. When you sell investments such as shares, bonds, debts, lands, or buildings and make a profit, it […]
ODSP Payment Dates, Benefit Amounts, and Application for 2022-2023
The ODSP Payment Dates is a welfare program funded by the Ontario government that provides financial assistance for basic needs such as housing, food, and clothing to individuals who are unable to work due to medical conditions or disabilities. Additionally, it offers health benefits to the eligible recipients. Our first topic of discussion will focus […]