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Life Milestone

Life Milestone Alert: Potential Tax Implications

Did 2022 bring significant changes to your life? Whether you embarked on a promising new career, experienced the joy of welcoming a new family member, or celebrated the union of marriage, it’s crucial to keep the Canada Revenue Agency (CRA) informed. Major life milestone changes can have a significant impact on your taxes, and it’s […]

Tax Filing Newcomers

Essential Tax Filing Information for Newcomers to Canada

Welcome to Canada! As one of the over 405,000 newcomers who immigrated here last year, there are a few important things you should know about Tax Filing Information for Newcomers, and as a new Canadian, you’re eligible for the same tax credits and deductions as Canadian citizens. You’ll encounter friendly faces wherever you go, witness […]

Gluten-Free Diet

Claiming Gluten-Free Diet Expenses on Your Tax Return

Living with celiac disease or gluten allergies can be challenging, as it involves avoiding gluten-based meals. While there are great gluten-free diet alternatives available, they tend to be more expensive and are often found in upscale health food stores and restaurants. This can put a financial burden on individuals and families dealing with these dietary […]

Claiming Gluten-Free Diet Expenses on Your Tax Return

Tax Credits and Support for Gluten-Free Diet Expenses: Relief for Those with Celiac Disease Living with celiac disease or gluten allergies can be challenging. Avoiding gluten-based meals is essential, but it’s not always easy. The good news is that there are excellent Gluten-Free Diet food alternatives in the market. However, the bad news is that […]

CRA Strike

Important Information about the 2023 CRA Strike

Important Information Regarding the CRA Strike Is the CRA considering extending the tax deadline? Currently, the CRA has not made a decision to extend the tax deadline and currently, the CRA Strike has not made a decision to extend the deadline. What is the duration of the ongoing strike? The duration of the strike is […]

Important Information about the 2023 CRA Strike

Important Information Regarding the CRA Strike Is the CRA considering extending the tax deadline? Currently, the CRA has not made a decision to extend the tax deadline and currently, the CRA Strike has not made a decision to extend the deadline.   What is the duration of the ongoing strike? The duration of the strike […]

CERB Taxes

CERB Taxes: A Comprehensive Guide

The Canadian Emergency Response Benefit (CERB) taxes was implemented by the federal government to support households that experienced wage loss due to the COVID-19 pandemic. Initially, the program provided individuals who had to stop working because of COVID-19 with a payment of $2,000 every four weeks. As the pandemic persisted and more people faced extended […]

Registered Retirement Income Fund

T4RIF: Registered Retirement Income Fund (RRIF) Income

When you receive payments from your Registered Retirement Income Fund (RRIF), you will be provided with a T4RIF slip. It is important to complete the applicable boxes on the slip, specifically boxes 16 to 37. In these boxes, you need to enter the gross amount of the payment received, without any deductions or tax withheld. […]

TFSA holder

Which holds greater importance: TFSA beneficiary or successor holder?

Ensuring the protection of our assets in the event of our death or incapacity is a common concern. It’s important to align our long-term goals with the beneficiaries of our work. When it comes to TFSA (Tax-Free Savings Account) holder, there is a significant designation known as the successor holder, which may be more important […]

TFSA

Investing in U.S. Stocks Through TFSA: Foreign Tax Implications

The Tax-Free Savings Account (TFSA) was introduced in Canada in 2009 and has since gained popularity among Canadians as a beneficial savings tool. However, it’s important to consider the potential tax implications when holding foreign investments in a TFSA. For Canadian clients who hold foreign investments in their TFSA, dividends received within the account are […]