Annual GST filers are required to make four installment payments at regular intervals throughout the year, similar to income tax payments. The Canada Revenue Agency (CRA) does not wait a year or more for the tax from installment payments for GST/HST registrants who file and remit on an annual basis. Instalment Payments for GST […]
Tax Tips for Newcomers in Canada
Are you a newcomer or do you know some other newcomers? The first year of being a new immigrant is undoubtedly the hardest as you adapt to a new environment and learn various aspects of life. This blog can be a strange concept for many, but don’t worry – we’re here to help. Newcomers are […]
Tax Implications of Remote Work Abroad from Canada
Employers Must Ensure Compliance Before Allowing Telework from Another Country As the trend of digital nomads continues to grow, more employees are interested in Work Abroad. With vaccination passports and remote work opportunities becoming more common, employers must consider legal and tax liabilities before approving such requests. Non-compliance can lead to serious problems, so it […]
Tax Deductions for Work-from-Home in Canada
Navigating Tax Write-Offs for Work-from-Home in Canada: A Guide for Employees and Employers The COVID-19 pandemic drastically altered work-life dynamics in 2020, with laptops and files taking up permanent residence on dining tables and Zoom replacing in-person meetings. Dress codes became more relaxed, with sweatpants and pajama pants becoming acceptable attire. However, this new way […]
Strategic Planning for Corporate Taxes in Canada
Are you a small business owner or an aspiring entrepreneur in Canada with innovative ideas for your venture? Before launching your breakthrough product or service, it’s crucial to consider tax planning. By drafting a tax planning strategy, you can benefit from tax exemptions, reduce your liability, and pay fewer taxes. Many small businesses hire tax […]
Disability Tax Credit for Type 1 Diabetes Individuals
Being diagnosed with a serious illness like Type 1 diabetes can completely upend your life. Living with this condition is a challenging and heart-wrenching experience, as it has no cure and requires lifelong management. Type 1 diabetes occurs when the immune system attacks insulin-producing cells in the pancreas, which play a vital role in regulating […]
8 Effective Tax-Saving Tips for Your Farm
The agriculture industry is a significant player in Canada, with 189,874 farms earning over $54 billion in cash each year, according to the Tax Planning for Farmers Website. This industry must constantly adapt to various challenges, including extreme weather events, trade disputes, and changing market conditions, all of which can affect the well-being of farmers […]
“Understanding Income Tax: How It Works and Ways to Minimize Your Tax Liability”
Income tax is a tax levied on an individual’s income by the government. It is a primary source of revenue for the government and is used to fund various public services such as healthcare, education, and infrastructure. In this article, we will discuss income tax in detail, including how it works, how to calculate it, […]