Blog

How to Make the Most of Your Rental Property Expenses

People invest in real properties in hope that they would rake in cash in the long run. Unfortunately, however, rents collected by landlords hardly keep up with the high expenses their rental properties ensue. That said, a lot of such expenses on rental properties as home or mortgage insurance are fully deductible, and as their owners, you should claim them

Read More »

How to Claim Dental Expenses for Deduction 2021

We all love a nice smile. It’s the facade of our personality, and that’s why teeth are so important. But dental care can be expensive. Luckily for Canadians, most dental expenses are tax deductible, including orthodontics.    As a non-refundable tax credit, the medical expense tax credit can reduce any income tax you may owe to the CRA. In general,

Read More »

Reporting Foreign Income on T2209 Form

If you are a Canadian resident and make foreign income, you are subject to tax duty to the CRA. Wait, but I’ve already been taxed by the country where the income is made! How is it fair?…as some of you would ask. Relax, reporting your foreign income to the CRA doesn’t mean double taxation. Rather, it is to inform the

Read More »

What You Need to Know About Income Tax as an Real Estate Agent

  The real estate market is booming, and there is no better time than now to become a registered real estate agent. As you rake in cash from selling and purchasing real estate properties for your clients, however, you should also heed your own income tax. For your convenience, we have piled up everything you need to know about your

Read More »

What You Need to Know about Audits as An Self-employed person

To ensure compliance with the Canadian tax legislation as to clamp down attempts at tax evasions, the CRA reviews businesses and individuals for risk assessments every year after the tax season. In most cases for business owners, the review is informal, assessing only parts of your business, such as HST, and requires you to submit certain documents online via the

Read More »

How Much You Can Claim for Carbon Tax Rebate 2021

Canadian government introduced the Climate Action Incentive in 2019, aiming to curb nationwide carbon pollution. It is a payment to individuals residing in Alberta, New Brunswick, Saskatchewan, Manitoba, and of course, our lovely Ontario.   What is the Climate Action Revenue Incentive Program? Residents of the aforementioned provinces will receive a tax credit called the “Climate Action Incentive”, otherwise known

Read More »

What You Need to Know about Your Tax Returns After Retirement 2021

Have you turned 65? If so, you might want to look into some of the changes concerning your income tax and benefits announced by the CRA last week.    65 is the official retirement age in Canada. Since the day you turn 65, you will be eligible for many cash benefits such as a pension, or retirement savings. In addition,

Read More »

Start-up cost deduction

Small businesses play a pivotal role in the Canadian economy. To encourage entrepreneurship, the CRA has implemented a bevy of tax incentives that allow small business owners to deduct a number of start-up costs as business expenses. We have listed all the frequently asked questions regarding start-up cost deduction to help you sail through this tax season. Buckle up and

Read More »

Reporting Cryptocurrencies in Your 2021 Tax Returns

Do you believe that the world will become freer? Do you envision a future where the concept of virtual currencies will eventually zap all such constructs as nations or governments? If you bet on a civilization more decentralized as it advances, you probably have already got your hands on the mining business. That said, between that which is and that

Read More »

Canadian Federal Dividend Tax Credit

  If you’re a shareholder of a Canadian corporation, you will receive a T5, Statement of Investment, which documents your dividend income. If you’re an employee entitled to the company’s shares, your dividend income will be on T4PS, Statement of Employee Profit-sharing Plan Allocations & Payments. Either way, you need to report your dividend income and claim commensurate credits for

Read More »