Filing your taxes can be difficult under normal conditions and that’s why people turn to software like Turbotax and other alternatives. However, it’s even more of a challenge with the economic crisis that’s made many businesses close shop, making it an uphill climb to file your tax returns correctly. Sure, it’s possible to hire a …
A remittance voucher is often required to pay the CRA at financial institutions, Canada Post retail outlets, or by mail. Paying tax in Canada, like anywhere really, is one of those rights of passage that happens when you come of age. No one really tells you how to do it or what is expected, only that …
When you have a financially challenging situation, and the debts seem to be piling up, you might discover that your credit score is negatively affected. The sooner you’re out of the debts, the better. These debts usually come with high-interest charges and late payment fees. So, it would be best if you had a debt …
Debt Forgiveness and Your Credit Score: What Canadians Need to Know Read More »
A Tax-Free Savings Account (TFSA) is not necessarily a savings account but is a registered account designed to hold investments and savings. Investors can pick what to put in the account from an array of financial instruments—Exchange-Traded Funds, Guaranteed Investment Certificates, Stocks, Bonds, and actual savings. The TFSA program began in 2009. It is a …
TFSA Stock Trading Regulations and Frequency Guidelines 2023 Read More »
Paid employment is the source of income for a vast majority of Canadians. The Canadian law mandates every employed individual to file their annual income tax return as at when due. In doing this, there are tax exemptions and tax deductibles that could reduce each taxpayer’s payable tax for every tax year. One such is …
The T2200 Form: How It Relates to Employment Expenses and Tax Deductions Read More »
Hate it or love it, income tax remains a huge source of revenue for the Canadian government, like many other governments around the world. It is also the primary source of revenue for all of Canada’s provinces and territories. However, the jewel in the crown is the personal income tax, which brings in triple the …
The Basics of Income Tax in Canada: What You Need to Know Read More »
For Canadians who have noticed deductions in their paycheque at one time or the other, there is a possibility that one of such deductions is meant for their CPP contributions. Canada’s government has designed the CPP as a retirement income program for employees and their employers, and self-employed individuals in Canada to contribute to the …
You might have noticed a deposit in your bank account tagged Canada FPT or Fed-Prov/Terr and wondered what it could mean. This piece will help you to understand the Canada FPT deposit and the payment dates for 2022. Many Canadians are unaware of the importance of filing their tax return annually and the benefits attached …
Every year the Canada Revenue Agency (CRA) sets the TFSA limit for Canadians. In addition to this, individual contributors can ascertain their TFSA contribution room depending on when they turn 18 years since the contributing scheme. Since 2009, when the Canadian government introduced the tax-free savings account (TFSA), Canadians have saved and invested their money …
As a citizen or resident in any Canadian province or territory, it is a legal requirement and responsibility for everyone to pay and file tax returns. As the revenue service of the Canadian government, the Canada Revenue Agency (CRA) is saddled with the task of collecting taxes, administering tax laws policies, and delivery of benefit …
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