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Purchasing Property

Guide to Purchasing Property in Canada

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 […]


Differences between T4 and T4A: Which Slip to Issue and When?

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 […]

Personal Emergency Leave

Ontario’s Personal Emergency Leave (PEL) Days

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 […]

Line 13500

Tax Return Line 13500: What Is It?

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

Line 14500 on Tax Return

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 […]

What does line 13000 refer to?

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 […]

Small Business in Canada

Acquiring a Small Business in Canada

Purchasing a small business can be a quicker route to entrepreneurship than starting from scratch. However, it’s essential to thoroughly evaluate all critical and minute details before making a sound decision. It’s crucial to avoid overspending on a business and ensure that you have the ability to manage it post-acquisition. Additionally, some business opportunities may […]

Tax Refunds

Maximizing Your Tax Refunds: Tips and Tricks

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 […]


Disposition of Asset in Canada

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 […]


GST/HST Credit and Payment

Unless you exclusively buy from a select range of exempt items, most of your purchases will be subject to Canada’s goods and services tax (GST). To help alleviate the financial burden of sales tax, the federal government offers the GST/HST credit to eligible Canadians and their families. This includes various goods and services, real estate […]