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 …
Every year Canada’s federal and provincial governments offer opportunities for you to reduce your tax payable through tax deductions. These are often either to help reduce the tax for some taxpayers or to encourage certain activities that the government considers to be beneficial. There are more incentives and deductions for business owners and the self-employed …
Originally established in 1983, the Tax Court of Canada is a Federal Superior Court that deals with tax-related concerns and issues. But what exactly does the Tax Court do? In this article, we’ll learn more about how the Tax Court operates, what you can do to file an appeal and the difference between formal and …
Canada Fed on your bank statement is a direct deposit from the Canadian government. This payment is occasionally deposited into the bank accounts of eligible Canadians. Canada Fed deposit could include any of the following payments: But why does Canada Fed payment exist? There will always be low-income earners in any country, governments around the …
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 …
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. …
When looking to buy a new home, most people hire a real estate agent and look for homes listed on the market. But purchasing a home at market value can be expensive, and let’s be honest – we all love a good deal. What most people don’t realize is that there are other ways you …
Many people in Ontario like to invest their money into shares, and mining exploration is a popular choice. When you invest in mining exploration here in Ontario, you may be able to claim some of these expenses under what is known as the Ontario focused flow-through share tax credit. Let’s see a little more about …
What is the Ontario Focused Flow-Through Share Tax Credit? Read More »
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