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 […]
Tax Credit for Ensuring Safety in Senior Homes
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 […]
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 return, […]
Unlocking the Benefits of RESPs: Free Money Awaits!
As a parent, the daunting task of financing your child’s education is likely on your mind. Fear not, for the Registered Education Savings Plan (RESP) is here to provide a solution to the escalating costs of tuition. Through Canada’s benefits of RESPs, you not only receive government contributions towards your child’s educational journey but also […]
2024 Income Splitting Rules in Canada
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, […]
CRA’s T2 Schedules: A Guide to T2 Schedules 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 […]
Provincial vs. Federal: Navigating Income Taxes in Canada
As you delve deeper into the world of income taxes in Canada, it’s crucial to recognize the distinction between Provincial vs. Federal taxes. These two layers of taxation play a significant role in determining your overall tax liability. Provincial vs. Federal Taxes Federal income taxes They are collected by the Canadian government and apply to […]
Top RESP Providers in Canada 2024
Investing in Your Child’s Future: The Importance of RESP Plans in Canada Registered Education Savings Plans RESP in Canada can be an excellent way to help your child pay for their education costs, reduce their stress levels, and avoid taking out large student loans. According to recent statistics from Statistics Canada, the average tuition fee […]
Withdrawal Methods for RRSPs and TFSAs
Unlocking the Potential of Your Savings: Exploring Options Beyond Accumulation As your savings grow, it’s natural to consider how to use them. While there are numerous ways to leverage your savings, deciding whether to withdraw from your RRSPs or TFSAs before retirement can be tricky. Here are some guidelines to help you navigate this decision. […]
Tax Audit, Navigating or Surviving by the CRA
After receiving your notice of assessment, you may receive an inquiry notice from the Canada Revenue Agency (CRA) requesting additional documentation. For instance, if you claimed a medical expense deduction on your electronic tax return, the CRA may ask for receipts to verify your eligibility for the deduction. Respond to the request within 30 days […]