Post-secondary education can be expensive. Save for your child’s future by contributing to a registered education savings plan (RESP). RESP is a tax-deferred investment designed to help people save for a child’s education after high school. The government also contributes to your plan with Canada Education Savings Grant payments, the Canada Learning Bond, and provincial incentives …
Tax literacy is a life skill and we know that early tax education helps empower students to understand their tax responsibilities and entitlements later in life. According to public opinion research, young Canadians find taxes daunting and expressed a need for clearer guidance from trusted sources. Tax literacy isn’t just about filing your return, it’s …
Taxes Competition for Middle and High School Students Read More »
The Payroll Deductions Online Calculator (PDOC) allows you to calculate federal, provincial (except for Quebec), and territorial payroll deductions. The PDOC includes step-by-step instructions designed to assist you with the type of calculation you need. It can be used to calculate payroll deductions for: salaries commissions pensions In addition, PDOC can also be used to verify Canada Pension …
Have you recently incorporated your business? Do you provide services to one other company? You might be considered to be operating a personal services business (PSB) by the CRA. This means your tax obligations are different than other corporations! Check out the CRA’s fact sheet on PSBs! It’s intended to help you better understand your reporting …
New fact sheet on tax obligations for personal services businesses Read More »
This tax season, the Canada Revenue Agency (CRA) has introduced a new identity validation option, known as the document verification service, to make it easier to register for digital services including My Account. Using a government-issued photo identification (ID), such as a passport or driver’s licence, a user can quickly validate their identity to get immediate access to …
The CRA is making it easier to access its digital services Read More »
Filing your income tax and benefit return each year is what you need to do to receive any benefit and credit payments you’re entitled to. Sometimes after you file, you realize you made a mistake or forgot to include something important. If this happens to you, don’t worry. It’s easy to change your tax return. If you …
Need to change your tax return? You can do it online! Read More »
The Canada Pension Plan (CPP) enhancement, which was introduced on January 1, 2019, is designed to help increase retirement income for working Canadians and their families. The CPP is a mandatory pension plan financed by contributions from employees, employers, and self-employed individuals. It covers virtually all workers in Canada except Quebec, which administers its own …
Canadians can save for a home tax-free using the First Home Savings Account (FHSA). Prospective first-time home buyers can contribute or transfer from their RRSP up to $40,000 towards buying or building their first home. Like an RRSP, contributions made to an FHSA are generally tax-deductible. Up to $8,000 in FHSA contributions made by December 31, 2023, …
Saving for your first home? Find out how a First Home Savings Account can help Read More »
The Canada Revenue Agency is currently updating its webpages and Form T2200 for the 2023 tax year. The updated form, which will be made available at the end of January 2024, along with other T1 related forms, will be easier to complete for employees who are only claiming a deduction for home office expenses. Eligible employees …
This year, there have been many announcements about changes that will affect business taxes in 2024. CRA has pulled them together for quick reference, along with a list of resources that can help you manage these changes and your tax affairs in the new year. Learn More
