Most countries have a sector that handles development and social services; Canada is one of these countries. The Employment and Social Development Canada (ESDC) is responsible for developing, managing, and delivering social programs and services in Canada. The ESDC is a federal body charged with the responsibility of helping Canadians to live healthy and productive …
There are various retirement savings plans in Canada, and the Pooled Registered Pension Plan [PRPP] is one such savings plan. PRPP plan is unique and different from the other retirement savings plan because it is for self-employed individuals who cannot access a workplace pension plan or individuals who work in a place where there is …
In our world today, it is not surprising to find people having several income sources to complement their primary source of income. These secondary sources of income could be in Canada or outside Canada. If you are generating income outside Canada, there are taxes you must pay to the CRA and the foreign country. Nonetheless, …
The Ontario tax system has benefits and credits for its tax-payers, and one of such benefits is the Ontario Trillium Benefit (OTB). OTB is a combination of various tax credits including the Ontario Energy and Property Tax Credit, the Northern Ontario Energy Credit and the Ontario Sales Tax Credit. At the three levels; federal, provincial …
The Ontario Opportunities Fund is a way taxpayers in Ontario are involved in reducing the provincial debt. It is not unusual for countries, states, or provinces to owe money. These debts are accrued over the years and are gradually paid off through internally generated revenue or other means. The Province of Ontario is no exception, …
As with every plan designed by the Canadian government to ease living for residents and non-resident in Canada, the Registered Disability Savings Plan (RDSP) is designed to help people living with disabilities build long-term financial security. It is no news that people living with disabilities are faced with different challenges, financial challenges being one of …
What is the Registered Disability Savings Plan (RDSP)? Read More »
Education can cost quite a fortune in some parts of the world, but there are also different means of funding one’s education, including scholarships, student loans and grants. In Ontario and other provinces in Canada, education is free for citizens and permanent residents until they graduate from high school. The Ontario Student Assistance Program (OSAP) …
If you own a business involved in Canada’s construction activities as your main income source and pay subcontractors for construction, you must report any amount paid or credited to the Canada Revenue Agency through the T5018 Statement of Contract Payments. So as a construction subcontractor in Canada, you might get a T5018: Statement of Contract …
Employees worldwide are entitled to some benefits, and these benefits differ from country to country. In Ontario, every employee is entitled to vacation pay regardless of how their wages are calculated. Every employer is obligated to make this payment to employees in their establishment. If you are an employee in Ontario or a job seeker, …
As a student enrolled at a designated educational institution in a qualifying program, you are entitled to receive a T2202. A T2202 is also known as a Tuition and Enrollment Certificate. Canadian colleges issue it, universities or other educational institutions verifying that a student enrolled in a program qualifies for the federal tuition, education, and …
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