Introduction Running a business comes with its fair share of responsibilities, one of which is filing your taxes accurately and on time. In Canada, the Harmonized Sales Tax (HST) is a crucial part of your financial obligations as a business owner. Failing to file your HST return by the due date can lead to various … Read more
As a Canadian citizen living abroad, it is important to understand your tax obligations to the Canadian government. Although you may be living and working overseas, you may still be required to pay taxes to the Canadian government. In this article, we will discuss the basics of Canadian taxes for Canadians living abroad. Who needs … Read more
The First-Time Home Buyer Account (HBP) is a program in Canada that allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) tax-free to use towards the purchase of a qualifying home. The program was introduced by the Canadian government to help make it easier for Canadians to save for … Read more
To encourage Ontario families to explore their province and support the tourism and hospitality sectors’ post-COVID recovery, a temporary Ontario Staycation Tax Credit for 2022 has been introduced. This credit enables Ontario residents to claim 20% of their eligible 2022 accommodation expenses, such as hotels, cottages, or campgrounds, on their personal Income Tax and Benefit … Read more
As an Uber driver in Canada, you are considered self-employed, which means you are responsible for paying your own taxes. However, there are certain tax write-offs that you may be eligible for, which can help you reduce your taxable income and save money on your taxes. In this article, we will discuss some of the … Read more
With house prices soaring, historically low mortgage rates, and the pandemic allowing many people to work from home, there are undoubtedly many reasons why Canadians are looking to sell and relocate right now. These include wanting to be closer to family and friends and wanting to be further away from the workplace. More than 10,000 … Read more
People and families with modest incomes may utilize the GST/HST Credit to offset all or a portion of the GST or HST they must contribute. International students who are enrolled full-time and working toward a degree are qualified to get the credits. Low-income taxpayers may claim a part or all of the federal sales tax … Read more
You obtain a tax credit in addition to an education when you pay tuition. This might reduce your tax burden when you complete your tax return. You may not incur any taxes if you’re a student. There are indeed methods to profit through tuition tax credits if this is the situation. Even if you only … Read more
Workers and self-employed people directly impacted by COVID-19 but do not qualify for Employment Insurance (EI) benefits may receive the Canada Recovery Benefit (CRB). For two weeks, you may either get $1,000 ($900 after taxes are withheld) or $600 ($540 after taxes are withheld), according to that when you begin registering for the CRB. Even … Read more
Canadians in Alberta, Ontario, Manitoba, and Saskatchewan may benefit from the Climate Action Incentive (CAI), part of the federal government’s climate change strategy, to preserve the environment. At the same time, contract or agreement measures more economical. Homeowners of particular rural towns get a 10 percent bonus on top of the baseline payment as part … Read more
