Tax season can be a stressful time for many individuals and business owners. Filing your tax return accurately is crucial to avoid penalties and maximize your tax savings. However, mistakes can happen, and it's important to know how to fix a mistake on your tax return. In this article, we will walk you through the […]
As we step into the new year, it's crucial for individuals and businesses in Canada to stay on top of their 2024 tax deadlines. Filing taxes and meeting the deadlines set by the Canada Revenue Agency (CRA) is essential to avoid penalties and hefty interest charges. In this article, we'll walk you through the key […]
How do I pay CPP and EI when self-employed? This is a common question often asked by self-employed individuals. Generally, two areas where self-employed individuals differ from regular employees are contributions to the Canada Pension Plan (CPP) and Employment Insurance (EI). In this article, we will walk you through the process of paying CPP and […]
The 2023 tax season will bring some changes that taxpayers need to be aware of to make sure they are compliant with their filing obligations. You can file your 2022 tax return starting on February 20, 2023. The deadline for most Canadians to file their 2022 income tax and benefit returns is April 30, 2023 […]
Ensuring housing affordability has become a critical issue of concern for Federal, Provincial and Municipal governments in Canada. In an effort to address this issue, the City of Toronto implemented a new Toronto Vacant Home Tax. Under this new tax, Toronto homeowners with vacant properties will have to pay an additional Vacant Home Tax on […]
While it is important to take care of tax planning throughout the year, a strategic approach at the end of the year can help you make sure that you’re making the most of your tax situation and taking advantage of any year-end tax planning opportunities available before the December 31st deadline. As we enter the […]
As part of the 2021 Federal Budget, the Government of Canada proposed the introduction of a new luxury tax in Canada on the sale of certain new luxury cars, aircraft, and boats. On September 1, 2022, the Select Luxury Items Tax Act (the Luxury Tax Act), a part of Bill C-19, came into force. What is the Luxury […]
Are you falling behind when it comes to saving for your child's education? Don't worry, you're not alone. Many parents find themselves playing "RESP catch up" as they realize the importance of funding their child's future education. In this article, we will explore strategies and tips to help you get back on track and maximize […]
As the tax season rolls around each year, Canadians find themselves immersed in the complexities of the Canadian taxation system. Properly reporting income is crucial to avoid penalties and the accumulation of outstanding balances with the Canada Revenue Agency (CRA). While taxable income forms the bulk of one's earnings, there are certain sources of income […]