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2022 Payroll tax Frequence mail from CRA
It’s almost the end of the year now, CRA is also preparing for the 2022 tax year by sending out reminders. You might have recently received a letter from CRA regarding your payroll account. The purpose of this letter is to have you remit your payroll tax on time. If your company have a large change in payroll, please note
Double-Entry System and Why It Is Advisable for Businesses to To Tax Plan Early
Having filed their personal income tax returns, many people believe that the tax season for 2021 has drawn to a close. Well, that is if you do not run a business. In Canada, you can run a business by owning a corporation, or by being self-employed, each of which has its unique perks and flaws. While incorporation has many
Disposition of Capital Property
What tax rules apply when disposing of a capital property? To answer the question, we should first address what is considered a capital property as per the CRA. In Canada, common types of capital property include cottages, buildings, land, equipment to operate businesses, and securities such as bonds or stocks. In general, capital property consists of depreciable property –
What to Do If You Haven’t Received Your Tax Refund
Many Canadians expect their tax refund deposit directly to their bank account within a month after they file their tax returns. However, this doesn’t mean that CRA is held accountable for sending you the money. Here is what you need to do when you miss the expected payment. There are several reasons that the CRA may withhold some or
Tax Credits and Obligations for Canadians Studying Abroad 2021
While Canada welcomes tens of thousands international students whose tuition fees contribute to the national revenues, each year, many Canadians students opt for studying abroad. If you are among the Canadian students who have registered at an overseas institution, you may be subject to additional requirements when filing your taxes in order to qualify for a variety of credits and
How to Deduct Capital Gains 2021
Financial gains and taxes run in tandem, and capital gains make no exception. It is axiomatic to Canadians that 50% of the total capital gains will be added to your personal income for tax purposes. That said, gains from disposing qualified assets can be exempted. Eligible Gains for Exemption Applying the Lifetime Capital Gain Exemption, you may be eligible
Guides to Prepare for Retirement 2021
If you are over a certain age and have income over a threshold, you may qualify for claiming the Age Amount. While it cannot amount to any refund, it is a non-refundable tax credit to reduce any income tax over retirement age and is transferable between spouses. Requirements: To qualify for claiming the Age Amount, you must have turned
Read and Rebate: Claim Your Digital Media Subscription Tax Credit 2021
Are you a news junkie? Do you gorge yourself on digital media? Do you, like me, subscribe to the New York Times not so much for “the biscuit” as for the food column simply because you revel in good writing? Then, like me, you probably have spent quite a bit more than you should on subscriptions. Fortunately, you are
The Impacts of Changes in the 2021 Federal Budgets on Your Benefits
Since the beginning of the pandemic, the federal government of Canada has rolled out a string of emergency benefits, aiming to buffer some financial impacts on Canadians who have taken the hardest hit. While some programs have drawn to a close, such as CERB, others are extended to fend off the malaise of unemployment and a pending recession. The 2021
How to Enter Foreign Income (US) on Your Canadian Tax Return
If you are a Canadian resident – in general, anyone who has significant social bonds with Canada, or has resided in Canada for more than 183 days in the last tax year is considered a Canadian resident – you need to declare any foreign income you may have earned over the same period. That said, you will not be double-taxed
How to Deduct Mileage as a Self-employed Person?
In a blustery late afternoon, when the day darkened with angry flurries sweeping the streets, a farmer, a fisherman, and a gonzo reporter all died in a car crash on the DVP. They levitated from their dead bodies and assembled at the golden gate of heaven, waiting for their final judgment. The wait was long, and the three got bored.
Available Tax Credits for Small Business Owners 2021
Salute to every small business owner who has pulled through this far. Indeed, owning a business in a time of pandemic can be daunting. But with a silver lining, a few incentives have come to your aid, including deductible tax credits. It is no secret that any expenses you have incurred for running or expanding your business are deductible with