Tax preparation can be a real hassle, especially if you’re self-employed. Being self-employed may make you feel free, but that freedom comes at a price. You will need to do your tax preparation and calculate what you might owe in taxes and other CRA payments. You also need to know when to remit them. So […]
Personal Income Tax Preparation / Personal Tax Returns The Customs and Revenue Agency in Canada requires all residents to file their income declarations by April 30th each year. If you fail to comply within the given timeframe, you could be facing a hefty penalty. If you find that you owe any further taxes, these should […]
Let’s say you open an RESP account for your bouncing new baby and contribute $1,000 into the account. Your financial institution will send the account and contribution information to the Canadian government for grant approval. If the grant is approved, the institution receives the grant money and deposits it into your account. The math 20% […]
We determined your limit from information on your 2013 and previous years’ income tax and benefit returns, and from information we keep on record. If any of that information changes, your 2014 RRSP deduction limit may also change. In most cases, we will tell you about any change to your 2014 RRSP deduction limit. NOTE […]
If you have a child under 16 enrolled in an eligible arts program, you may be able to claim up to $500 of related expenses paid in the year under a nonrefundable children’s arts tax credit. Eligible children’s programs involve activities that are artistic, cultural, recreational or developmental. These programs must last at least eight […]
If you have a child under 16 enrolled in an eligible fitness program, you may be able to claim up to $1000 of related expenses paid in the year under a non-refundable children’s fitness tax credit. Eligible children’s programs involve activities that contribute significantly to your child’s strength, endurance, flexibility and balance. Soccer, hockey and […]
To help pay for the cost of daycare for younger children, all families are entitled to receive $100 per month for each child under the age of six through the Universal Child Care Benefit (UCCB) program. Your family’s UCCB payments do not reduce any income-tested benefits you receive through the income tax system such as […]
A credit report has a high level of personal information that is organized according to the following information:The first section included is your personal information like your place of residence.All inquiries on your credit report appear in this section. If you have applied for a credit card, any type of loan or have opened a […]
FEDERAL TAX RATES ON YOUR TAXABLE INCOME. 15% on the first $43,953 of taxable income + 22% on the next $43,954 of taxable income (over $43,953 up to $87,907)
Presently a sole proprietor? Working in partnership or as an employee? If so, there are many reasons to consider incorporating your small business. Want to know the benefits of incorporating? Let’s examine what they are!
