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 […]
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 […]
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 […]
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 […]