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Line 13500

Tax Return Line 13500: What Is It?

Understanding Tax Return Line 13500: Business Income for Self-Employment” Line 13500 on the tax return, previously known as line 135, pertains to self-employment income for the tax year. This line reflects any income from professional, trade, or other profitable activities, and replaced line 135 after the CRA modified the T1 General form. It’s essential to […]

Line 14500

Line 14500 on Tax Return

Line 14500 on a tax return, also known as “Social Assistance Payments,” refers to payments made to recipients or other parties based on a means, needs, or income test. These payments cover essential expenses like rent, utilities, food, clothing, and shelter. Typically, Line 14500 is displayed on the Statement of Benefits slip (5007). Social assistance […]

What does line 13000 refer to?

The Income Tax Act distinguishes between various sources of income such as wages, dividends, interest, and capital gains. However, there are certain types of income that don’t fit into any of these categories on your tax return (line 13000). T4A slip The T4A slip is a Statement of Pension, Retirement, Annuity, and Other Income. It […]

Small Business in Canada

Acquiring a Small Business in Canada

Purchasing a small business can be a quicker route to entrepreneurship than starting from scratch. However, it’s essential to thoroughly evaluate all critical and minute details before making a sound decision. It’s crucial to avoid overspending on a business and ensure that you have the ability to manage it post-acquisition. Additionally, some business opportunities may […]

Tax Refunds

Maximizing Your Tax Refunds: Tips and Tricks

Most tax planning is straightforward if you own a home and contribute to RRSPs, TFSAs, and RESPs, as you’re already taking advantage of excellent tax sheltering. However, the top priority for everyone is how to boost their tax refunds in Canada. Debt Reduction for Tax Refunds Strategies: With the increase in interest rates, it’s a […]


Disposition of Asset in Canada

What is Asset Disposition? Asset disposition is the process of properly disposing or recycling equipment that is no longer needed or outdated. What is a Capital Asset? Capital assets typically include securities such as stocks and bonds for properties like cottages. They also include depreciable property, which is often considered as property used to generate […]


GST/HST Credit and Payment

Unless you exclusively buy from a select range of exempt items, most of your purchases will be subject to Canada’s goods and services tax (GST). To help alleviate the financial burden of sales tax, the federal government offers the GST/HST credit to eligible Canadians and their families. This includes various goods and services, real estate […]

Gift Tax

CRA’s Gift Tax Rules for Employers

In most cases, gifts or awards that employees receive from their employer – whether it’s in the form of cash, Gift Tax, near-cash or non-cash – are considered taxable benefits from employment. However, there are instances where the Canada Revenue Agency (CRA) has an administrative policy that exempts non-cash gifts and awards from taxation. For […]

Home Office Expenses

Can I Claim Home Office Expenses on 2022 Tax Return?

An increasing number of Canadians are choosing self-employment and running their businesses from their homes. For both sole proprietors and corporations, the ability to deduct home office expenses is a crucial issue, often inquired about by entrepreneurs. You can deduct the cost of your home workspace if you meet either of the following conditions: Whether […]

Tax Advantages of Shareholder Loan

Tax Advantages of Shareholder Loans

If you’re a shareholder of an incorporated business, you might want to explore the option of issuing shareholder loans as a means of tax planning. A shareholder loan is an agreement to borrow money from your corporation for a particular purpose. Essentially, it’s a form of compensation that’s akin to receiving a salary or dividends, […]