Tax credits and tax deductions are two distinct elements that can save you money on taxes. However, tax credits have more impact than tax deductions, and some credits are better than others because they are refundable. This is where the working income tax benefit in Canada comes in. It is a refundable tax credit available …
If, as a business person in Canada, you operate a business partnership, and your income exceeds the given limit of more than $2 million or more than $5 million in assets at the end of a fiscal year the Canada Revenue Agency (CRA) expects you to file the T5013 tax form. The Partnership Information Return, otherwise known …
Being registered as a non-governmental or charity organization in Canada paves the way to some benefits. Just as there are benefits, there are also challenges and regulatory obligations that must be fulfilled. It is crucial to evaluate the benefits and challenges of running a charity organization in Canada. There are specific rules and regulations governing …
Have you ever noticed a purchase interest charge on your bank statement? When you think of credit card interest rates, many things come to mind, but the most prevailing has to be purchase rates. This is because one of the primary use of a credit card is to fund regular purchases. With a credit card, …
In Canada, property taxes are imposed by provincial and territorial governments. Property tax is the largest source of revenue for provincial governments. In most provinces, the property tax rates in residential and non-residential properties are different and mostly favor residential properties. In some provinces, authorities are allowed to levy tax rates according to the class …
Unlike when you have to physically visit a financial institution or your tax office to pay your tax, today, there are tons of channels you can use. These channels are swift and easy to navigate. This article will be recommending and reviewing three ways to pay CRA in Canada. How to Pay the CRA 1. …
A minimum wage is the least or lowest wage rate an employer can pay his/her employees. It is a norm in every democratic nation in the world, and Canada is no exception. In Ontario, most employees are eligible for minimum wage no matter the type of employees they are. Whether they are full-time, part-time or …
The answer is no, Medicare does not cover assisted living in Canada but there are other alternatives available to Canadians. Medicare is a popular term used to refer to Canada’s publicly funded healthcare system. It covers a range of medical services of which assisted living may or may not be a part. As a senior …
As a taxpayer in Canada, you can claim tax credits for eligible medical expenses paid by either your spouse or common-law partner. This tax credit is known as a medical expenses tax credit, and you will find all you need to know about the medical expenses tax credit in Canada in this article. Eligible Medical …
Saving has always been an integral part of our being as we plan towards achieving some great things in life. Whatever you are planning for, it is essential to put aside some money towards retirement. This is to aid your transition and ensure a comfortable retirement. There are several ways to save and plan for …
What is the Lifelong Learning Plan (LLP) in Canada? Read More »
Canada Buzz is a purely informational blog. Opinions expressed on this blog are NOT endorsed by the reviewed brands. The information provided on this website does not constitute financial or professional advice. However, our team strives to bring you quality, unbiased information. What’s in it for us? One of the ways we get rewarded is via ads and affiliates. This website contains ads and affiliate links and we may receive compensation when you click any of these links.
