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Canadian Tax Dates

Important Canadian Tax Dates: Mark Your Calendar

2023 Canadian Tax Year-Important Dates Stay informed about important Canadian Tax Dates in 2023 with this calendar. January 1, 2023 The tax year begins on this date. March 2, 2023 The deadline for making RRSP contributions for the 2022 tax year has passed. January 22, 2023 The e-file service is currently unavailable due to maintenance. […]

Accounting Standards

Choosing the Right Accounting Standards: ASPE or IFRS?

To ensure proper financial management for your Canadian business, it is crucial to choose between ASPE and IFRS accounting standards. However, before making a decision, it is essential to comprehend the implications of these accounting requirements for your company. Regardless of the size of your business, it is vital to have a good understanding of […]

Ontario Trillium Benefit

Understanding the Ontario Trillium Benefit

The Ontario Trillium Benefit (OTB) is a tax credit in Ontario that provides refunds to residents with low to moderate income. It encompasses several credits, including the Ontario Energy and Property Tax Credit, the Northern Ontario Energy Credit, and the Ontario Sales Tax Credit. Typically, the annual entitlement for the OTB is divided into 12 […]

Parental Care and Taxes

Deductible Expenses for Parental Care and Taxes

Caring for aging parents or family members can be a time-consuming and financially demanding experience. If you find yourself in this situation, where you need to provide financial or physical support for your elderly parents, and you’re facing the costs of nursing care and other medical needs, it’s important to understand which expenses are tax-deductible […]

T4 Tax Slips

How Can I Retrieve My Previous Year’s T4 or Other Tax Slips?

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 […]

Payment Dates and Benefits

Essential Information on Payment Dates and Benefits

Important Information About Payment Dates and Benefits for 2023 This article aims to provide you with comprehensive details regarding the payment dates and benefits for 2023. Specifically, it covers essential information about the Canada Workers Benefits (CWB) and the Ontario Disability Support Program (ODSP). You will gain insights into the benefits available to you in […]

Canada Workers Benefit

Applying for the Canada Workers Benefit

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 […]

Spousal RRSP

What is a Spousal RRSP?

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 […]

Maximum Insurable Earnings

Maximum Insurable Earnings for Employment Insurance

Changes to Maximum Insurable Earnings for Employment Insurance in 2022 The Canada Employment Insurance Commission (CEIC) has announced an increase in the Maximum Insurable Earnings (MIE) for Employment Insurance in 2022. This means that the highest level of income for which EI premiums are paid will rise from $56,300 in 2021 to $60,300 in 2022. […]

Will Kits

Top-Ranked Will Kits Available Online in Canada for 2023

Your will represents everything that truly belongs to you. These are assets that have been designated for someone else, such as insurance money, brokerage or investment accounts, retirement and pension plans, and income from bank accounts that pay out when you pass away. That’s why having the best online will in Canada is crucial. The […]