When you earn income from employment, this is generally taxable. It is important to capture your employment income on your personal tax filings. Employment Income Income will be reported on your T4 slips (or T4A for commission employees). This should…
The 2023 tax filing season is now here, and you should be getting ready to file your 2022 personal taxes. Due Dates Generally, your personal tax filings for the 2022 year are due by April 30th, 2023, however since this…
Please note the following important dates are estimates only. Please confirm your deadlines directly with your professional advisor. February 15, 2023 - January payroll remittances due February 28, 2023 - T4 filings due February 28, 2023 - RRSP deadline for…
Lower-income renters in Canada can now apply for a one-time $500 top-up to the Canada Housing Benefit Canadians must meet all the following conditions to be eligible for the new benefit: have filed a 2021 tax return; be at least…
International tax reorganization will now need to contend with a global minimum tax rate. Globalization and digitalization have facilitated legal tax avoidance by allowing multi-national enterprises (MNE) to shift profits to low or no tax jurisdictions. This has impacted domestic…
It is anticipated that many corporations, partnerships, trustees, and individuals are going to be caught off guard and subject to large penalties, simply for failing to file an annual return stating they own residential property in Canada. The Underused Housing…
With an aging population, more and more Canadians are finding themselves in need of assistance in managing their financial affairs. A power of attorney for property allows a person of your choosing to exercise financial decision making when you are…
A transition into retirement should be accompanied by an income plan for this phase of life. A good understanding of taxes in retirement will facilitate tax saving strategies. A retirement income plan should be planned to pay less tax, maximize…
As experienced tax accountants, we often advise clients on optimizing their savings strategies. The choice between a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA) largely depends on your current and anticipated future income levels. Additionally, for…