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 …
Tax evasion is a serious crime in Canada and offenders can go to prison. While most people are diligent in filing their annual returns and only take deductions and credits provisions by the Income Tax Act, others have no regard for tax laws. There are severe legal consequences for people and companies who evade tax …
Many people are often not clear on the RRSP withholding tax also known as RRSP withdrawal tax in Canada. An RRSP is an excellent way for Canadians to save money for retirement. Putting your funds into an RRSP opens up the possibilities of enjoying a broad selection of investment products that include ETFs, stocks, and …
The goods and services tax (GST) is a tariff on the production and supply of goods and services in Canada, and it’s charged at 5%. For instance, if you purchase a shoe for your kid at the price of C$100, you’ll need to pay the total cost of C$105 to the seller. The extra C$5 …
What You Need to Know About Goods and Services Tax (GST) Read More »
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 »
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 …
As a frequent or seldom online shopper, you probably must have coughed out a few bucks of dollars in duties, taxes, and import-related charges. If you haven’t, lucky you! Whether for business or personal needs, venturing into international shopping and shipping has its highs and lows. Every country has its trade laws and rates associated …
Once a product is manufactured and a sale is closed, VAT is collected at the point where such the product is sold. This system of taxation is put in place to be paid by the consumer at the endpoint of the production chain. The Canadian Revenue Agency takes tax evasion very seriously, however, the VAT …
The Canada Revenue Agency (CRA), the Canadian government agency coordinating the administration of savings and pension schemes, has announced the contribution limit for the 2021 RRSP. In addition to the RRSP, the CRA released the annual contribution limits of money purchase (MP), defined benefit (DB), registered pension plan (RPP) and the YMPE. The year 2020 …
The Canada Child Tax Benefit does not exist. In the past, it was a program that assisted eligible families in raising children by assuming a part of the cost. As an umbrella program, it incorporates the National Child Benefit – a monthly benefit for families with low income, as well as the Child Disability Benefit, …
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