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Canada operates with two distinct systems of tax obligations—one for average employees and another for small business owners or the self-employed. Navigating the intricate tax landscape of Canada involves understanding the divergent systems for employees and small business owners or the self-employed. Employees witness deductions for taxes, pension contributions, and other levies, significantly impacting their […]
As you probably know, CPP contributions have been steadily rising since 2019. On the other hand, according to the Government, anyone contributing to the CPP enhancement after January 1, 2019 will receive an increased amount of CPP retirement pension, post-retirement benefit, disability pension, and survivor’s pension when they retire. Year 2024 will bring USA new Government […]
The federal government is ending four child tax credits this year: arts, fitness, education and textbooks. Tuition will continue to be a tax credit. So make sure you get Form T2202A from your or your kid’s college or university (or Form TL11 in case you studied overseas). Also, for 2017 and subsequent taxation years, the budget […]
If you are an annual filer and your net tax for a fiscal year is $3,000 or more, you may have to make quarterly instalment payments throughout the following fiscal year. Instalments are periodic payments that GST/HST registrants have to send the CRA towards the net tax owing on their annual GST/HST return. Failing to make installment payments could result in interest charges. […]
Arguably the most important change for the upcoming tax season is the introduction of the Family Tax Cut Credit. This non-refundable tax credit of up to $2,000 is now available to eligible couples with children under the age of 18. The detailed information about this credit can be found in our article “New 2014 Family Tax […]
The Government has recently introduced the Family Tax Cut, a new non-refundable tax credit of up to $2,000 for eligible couples with minor children. This new tax credit will be effective for the 2014 and subsequent tax years. This credit is calculated AS IF a spouse with higher income transfers up to $50,000 of his/her […]
Before we start, I would like to issue a warning: this article contains the data from the Statistics Canada. Personally I am a big fan of Mark Twain, and his famous quote: “There are three kinds of lies: lies, damned lies and statistics”. So I have to apologize in advance for using the latter in […]
Summer is a perfect time for hunting…in case we are talking about the CRA. Well, they call this act a “processing review program”. In their own words, they select files that have been identified through a risk-scoring process for more in-depth review of specific elements like tax credits or tax deductions. As you know, most […]
Let’s assume you are doing good, and your business is profitable. At some point of time you will need to draw cash out of your private corporation. Some small business owners believe they can take cash out of their corporate bank account at any time. This is a big and potentially costly mistake. Corporation is […]
In 2013, the CRA announced the launch of a strengthened Foreign Income Verification Statement (Form T1135), one of the Economic Action Plan 2013 measures to better target international tax evasion and aggressive tax avoidance. Starting with the 2013 taxation year, Canadian taxpayers who hold specified foreign property with a cost amount of over $100,000 in […]
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