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. […]
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 […]
Exploring HST-Exemptions Goods and Services in Ontario
Understanding HST Taxation and Exemptions in Canada’s Provinces In Canada, nearly all purchases and imports are subject to taxation. The two primary types of taxes are the general sales tax (GST) and the provincial sales tax (PST), which are combined to create the harmonized sales tax (HST). If you reside in a province that charges […]
Completing Your Ontario Annual Return for This Year
As of October 19, 2021, significant changes have been implemented in the way Ontario corporations register and file their annual returns. This new process involves using the Ontario annual return Business Registry system for informational returns, separate from the traditional Corporate Income Tax Return handled by accountants. This blog post aims to clarify the requirements […]