A spousal RRSP is a retirement savings plan in which the annuitant, or owner, is the spouse of the person who pays for it. The primary purpose of a spousal RRSP is to shift retirement income from one spouse to the other. When the lower-earning spouse withdraws money from their retirement fund, their lower tax […]
The Canada Workers Benefit (CWB) is an enhanced version of the Working Income Tax Benefit, reintroduced in 2018. It serves as a refundable tax credit specifically designed to support individuals with low incomes who are part of the workforce. The primary objective of the CWB is to alleviate the financial burden faced by low-income workers […]
If you need copies of your past or current tax slips, such as your T4 or other tax documents, you can request them from the issuer through the Canada Revenue Agency (CRA). Simply reach out to the CRA for assistance in obtaining your tax documentation, including notifications, reassessments, income proofs, or any other tax-related documents […]
Amid the challenging times brought on by the COVID-19 pandemic, the Canadian government introduced several relief programs to support businesses. In this blog post, we’ll delve into four essential programs: the Canada Emergency Business Account (CEBA), the Canada Emergency Wage Subsidy (CEWS), the 10% Temporary Wage Subsidy, and the Canadian Emergency Commercial Assistance Program (CECRA). […]
Filing Taxes as a Worker in the Gig Economy: Essential Tips for Freelancers, Independent Contractors, and More As a freelancer, independent contractor, or gig worker, you essentially run your own business. Unlike traditional employees, you won’t receive a T4 slip summarizing your income for the year for workers in the Gig Economy. It’s your responsibility […]
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 […]
Completing Your Taxes: The Ongoing Assessment Process You Should Know After meticulously organizing your paperwork, performing all the necessary calculations, and submitting your tax return on time, many Canadians believe they can finally set aside their tax-related thoughts for the rest of the year. However, that is not always the case. In reality, once you […]
If you actively participate in online trading and closely monitor the market, you are part of a growing community of Canadians who are taking charge of their investments. Engaging in online trading can be a lucrative method to build and diversify your investment portfolio, potentially resulting in additional income. However, you may be uncertain about […]
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. […]
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 […]