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 […]
If you earn, spend, or trade cryptocurrency such as Bitcoin, it is essential to understand that the Canada Revenue Agency (CRA) and Revenu Québec consider digital currencies as commodities. Therefore, you are obligated to report any income or losses resulting from cryptocurrency transactions on your tax return, treating them similarly to other business or investment […]
The Canada Revenue Agency (CRA) offers maternity and parental leave benefits to assist new parents by providing additional taxable support during this crucial time for tax effects of new parenthood. However, a recent survey conducted by revealed that nearly one-third (29%) of Canadians faced higher-than-expected taxes while on parental leave. To ensure you’re well-informed, here […]
When you and your spouse are enjoying your retirement years together, sharing becomes a caring way to manage your taxes. The Canada Revenue Agency (CRA) allows senior couples to split pension income, offering potential tax savings. By transferring up to 50% of your qualifying pension income to your spouse or common-law partner, you can take […]
As technology continues to evolve, so does the landscape of electronic tax filing. The future holds exciting trends and innovations that promise to make the process even more streamlined, user-friendly, and efficient. Trends and Innovations: Mobile-Friendly Platforms With the prevalence of smartphones and mobile devices, tax agencies are increasingly developing mobile apps and mobile-responsive platforms […]
While electronic tax filing offers numerous benefits, it’s natural for taxpayers to have common concerns about making the switch from traditional paper filing to e-filing. Addressing these common concerns can help individuals feel more confident and comfortable with embracing the digital tax filing process. Common Concerns with Electronic Tax: One prevalent concern is the security […]