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 […]

Eligibility Criteria and Qualifying Expenses for Safety in Senior Homes and Tax Credit in Canada To qualify for the safety in senior homes tax credit in Canada, the applicant must meet certain eligibility criteria. The person applying must be at least 65 years old by the end of the year and reside with an elderly […]

Receiving Gift Card can be an incredibly delightful and thrilling experience. Often, people anticipate special occasions like birthdays, New Year’s, or Halloween to receive them. However, understanding the tax implications of gifting and receiving gift cards has become increasingly challenging. To avoid any issues with the Canada Revenue Agency (CRA), we have put together this […]

As cryptocurrencies are a relatively recent development, it is necessary to establish taxation regulations to help Canadians fulfill their tax obligations. In 2014, the Senate conducted a study on cryptocurrency taxation and proposed measures to assist Canadians in filing their taxes. The Canada Revenue Agency (CRA) is now implementing these guidelines by disseminating information.   […]

It’s highly probable that you’ve already signed up for DoorDash and started your new side business while reading this tutorial. As a delivery driver, it’s essential to understand tax regulations and how to maximize revenue from each delivery. Working for yourself means running your own small business, which can be an exciting experience. You can […]

The Proactive Solution to Climate Change: Understanding the Carbon Tax and Its Impacts. Canada and communities worldwide are experiencing the consequences of climate change, from extreme weather events endangering lives and homes to long-term, life-changing effects. Canadians pay the price through increased insurance premiums, higher costs for food, health care, and emergency services, as well […]

What’s Passive Income? Passive Income is the revenue earned from assets or capital property that generates income with minimal effort required by the shareholder.   Can you provide an explanation of what a TFSA is? A Tax-Free Savings Account (TFSA) is an initiative introduced in 2009 that enables individuals with a valid social insurance number […]

When paying bonus to your staff in Canada, the following amounts must be deducted: Canada Pension Plan (CPP) contributions (excluding the basic exemption amount if paid separately), Employment Insurance (EI) premiums, and income tax.   Calculating Bonus: Tips and Considerations While bonus pay can be a powerful employee incentive, it’s not always guaranteed. To be […]

What is an Individual Tax Number (ITN) and its significance for international students in Canada? The Canada Revenue Agency (CRA) issues an ITN to individuals who are not eligible for a Social Insurance Number (SIN) for tax identification purposes. If you are an international student who is ineligible for a SIN, an ITN is necessary […]

As of January 01, 2019, the federal government implemented an expanded Tax on Splitting Income (TOSI), which had significant implications for small business owners and their families. Prior to 2019, they enjoyed certain tax benefits that were no longer available due to the new rules. To help you understand how these changes will affect you, […]