Although it does not officially recognize bitcoin and other cryptocurrencies as a currency or legal tender, the Canada Revenue Agency (CRA) has announced that Canadian taxpayers will now be required to pay taxes on bitcoin and cryptocurrency earnings. They highlighted that Cryptocurrency itself is to be treated as a commodity. And by extension, the Canada …
More Canadians are seeing the benefits of filing their tax returns online. Some of the reasons include ease, convenience as well as efficiency, no small feat for the tax filing software available in Canada. 84% of Canadians filed their taxes electronically in 2016 and the number keeps on growing. Before you find out the best …
In Canada, all dividends are taxed. The good news is, if you receive dividends in Canada, you are eligible for something called 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, …
Refundable and non-refundable tax credits are two terms many tax-paying Canadians will often come across during tax season. It is crucial to understand what these terms mean 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 …
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 …
Paying taxes is an expensive endeavour. But having to pay to get it done? That’s even worse! Especially if you’re on a tight budget. While it might be beneficial to have professional help with your taxes, even the Canada Revenue Agency (CRA) encourages everyone to have some knowledge of their own tax affairs. The agency …
If you like to be up to date on your tax returns or you feel the CRA might have you in their sights, then it’s normal to feel a rising sense of panic because of your back taxes. Despite the temptation to panic, you shouldn’t. It is not against the law to owe tax. It’s …
How to File Previous Years Tax Returns in Canada Read More »
The 30th of April is a significant day in the life of most Canadians. It is the last day for them to file their taxes. Failure to do so could bring about dire consequences. There are many reasons you can fail to file your taxes, most of which may not be intentional. For instance, you …
What Happens if You Don’t File Your Taxes in Canada? Read More »
As a resident or citizen of Canada, you must understand the Canadian tax refund and how it works. There are a few occasions that a taxpayer might have over-paid his or her tax dues while filing tax returns for any given year. This is why the government, through the Canada Revenue Agency issues tax refunds. …
Every worker or business owner in Canada has to file their taxes. A tax is a compulsory financial charge imposed on a tax payer by government or governmental institution for the funding of governmental or public expenditures. The evasion or non compliance with tax payment in Canada and in fact any other country is an …
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