Refundable and non-refundable tax credits are two tax-paying terms Canadians will often come across during tax season. Understanding what these terms mean is crucial even if you don’t do your taxes yourself. There are so many terms in the world of taxes that it can all get a bit overwhelming at times. That’s why most Canadian …
How Non-Refundable Tax Credits Work in Canada (Examples Included) Read More »
In Canada, all dividends are taxed. The good news is that if you receive dividends in Canada, you are eligible for the Dividends Tax Credit. The important thing to know is that as of 2021, you’ll have to pay taxes when your eligible dividends reach $63,040 CAD. That’s not all, though. In this piece, we’ll …
When it comes to the ETF credit in Canada, many questions need to be answered. What does ETF stand for, and what does it mean? How are ETFs different from mutual funds? How are ETFs taxed in Canada? And are ETFs safe? Today we will answer all of these questions and more. What are ETFs? …
The concept of free money resonates with every living person. Whether allowances from parents, a treat from your spouse, gifts from friends, handouts from strangers, a free movie ticket, train ride, candy, or some manna from heaven, we all love to get things for free. Whenever we express such wishes, it is not uncommon to …
It is a common source of dread when that time of year draws near and you realize you need to fill in your tax return. Because of this, it is something that is often left to the last minute or outsourced to an accountant as a way to avoid it altogether. There are a lot …
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, …
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