Understanding FPT Deposit in Canada An FPT deposit in Canada refers to the “Federal-Provincial/Territorial Tax” credit used to fund various government aid programs. If you see this entry on your bank statement, it means you have received the GST/HST credit or the Canada Child Benefit (CCB). Typically, the FPT deposit is used to pay for […]
Are you providing financial support to someone? If yes, you may be able to claim them as your dependant on your taxes and benefit from tax breaks in the 2023 tax year. Claiming eligible deductions for Having a Dependent is one of the tax credits offered by the Canada Revenue Agency (CRA), which allows Canadian […]
About 385 million children, or one in five, struggle to meet their basic needs and survive, making them twice as likely as adults to live in poverty. Over 660 million children are expected to grow up in complex and impoverished environments, where poverty rates are regularly higher than those of adults. Poverty, however, is not […]
The Rapid Increase in Prices of Goods and Services Can Have a Major Impact on Canadian Businesses and Households. The Recent Economic Headwinds of Inflation Have Affected Several Countries Worldwide, Including Canada. These Include Escalating Oil Prices, Disruptions in the Global Supply Chain Due to the Pandemic, and the Conflict in Ukraine. Inflation, Especially Over […]
Purchasing a property is a thrilling and exciting experience for buyers, whether they plan to build a home or establish a business. Owning a property has been shown to stabilize or even improve one’s financial status. However, before making this significant investment, it’s important to conduct thorough research and evaluate your financial standing, including your […]
Business owners often face confusion each year on when to issue a T4 versus a T4A. This is particularly true for those who employ a variety of workers with different employment statuses, including full-time, part-time, or occasional. The question arises as to which form to issue to each worker and what the differences are between […]
Do you ever find yourself confused and frustrated when faced with a genuine emergency at home but still needing to go to work? If so, you may not be aware of your legal entitlement to personal emergency leave. In Ontario, Bill 148 introduced amendments to personal leave that included two days of paid personal emergency […]
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 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 […]
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 […]