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FPT Deposit

2023 FPT Dates and Overview of Canada’s FPT Deposit

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 […]

T5008 Slip

T5008 Slip: Securities Transaction Statement

Your broker will provide you or someone on your behalf with a T5008: Statement of Securities Transactions Slip, which lists all securities that were bought, sold, or cashed in during the year. The T5008 slip may include bonds, debentures, promissory notes, shares, mutual fund units, small business corporation shares, other shares that can be put […]


Disabilities that Qualify for Tax Credit

Overview of the Disabilities Tax Credit in Canada The Disabilities Tax Credit (DTC) is a non-refundable tax credit established by the Canadian government and the Canada Revenue Agency (CRA). Its purpose is to assist Canadians with disabilities and their families in paying less income tax. The credit is divided into federal and provincial parts, with […]

Filing Taxes

Last-Minute Tips for Filing Your Taxes

As we approach April 30, the deadline for filing personal taxes for 2023, you may feel the pressure to file your return accurately and on time. However, don’t worry too much because these last-minute tax tips can assist you in handling Tax Day like a pro and potentially saving money and reducing stress. Last-Minute Tax […]

Having a Dependent

2022-2023 Tax Benefits for Having a Dependent in Canada

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 […]

International Students

Tax Implications for International Students Who Study in Canada

As international students studying in Canada, it may be necessary for you to file a Canadian income tax return. To understand how you will be taxed in Canada, it’s important to determine your residency status.   Determining Residency Status for International Students in Canada When it comes to income tax, international students studying in Canada […]

Tax Return by CRA

Review and Audit of Your Tax Return by CRA

Receiving a letter from the Canada Revenue Agency (CRA) requesting more information about your tax return can be alarming, but it doesn’t necessarily mean you should be concerned. By educating yourself on the process and ensuring you have all the necessary records on hand, you can make the process smoother and less stressful. Here’s what […]

Contributing RRSP

Guide to Contributing to Your RRSP

Things to Consider Before Contributing to an RRSP While contributing to RRSP offer the benefit of reducing your taxes by sheltering your income from tax when you contribute, it may not always be the best move. You will eventually pay income tax when you withdraw the funds, which is more advantageous when they have grown […]


Benefits for Dependents and Caregivers in Canada

Canada is fortunate to offer access to a variety of benefit, credit, and incentive programs through the tax dependents system for its citizens.   Dependents and Caregivers Benefits in Canada What is the Canada Caregiver Credit and Who Can Claim It? If you are supporting a spouse, common-law partner, or dependent with a physical or […]

Withdraw Funds

How to Withdraw Funds from a Corporation?

As a business owner, you have put in a lot of effort to establish and grow your business into a profitable venture. Perhaps, in the initial years, you reinvested all the profits back into your business to promote its growth. Now that your business has stabilized, you may be considering taking some profits out of […]