by Mustafa Alam | Mar 13, 2021 | Uncategorized
Canada Revenue Agency (CRA) will be locking 800,000 online taxpayer accounts tomorrow. CRA found that some credentials such as user IDs and passwords may have been compromised. As a preventative measure, these additional CRA user IDs and passwords, along with those...
by Mustafa Alam | Mar 5, 2021 | Tax-News-Updates
RESP FOR TAX PURPOSE: Is there a tax deduction for RESP? Unlike RRSPs, contributions to an RESP are not tax-deductible nor are they taxable when withdrawn. The main benefit of the RESP is the ability to have all earnings...
by Mustafa Alam | Mar 5, 2021 | Tax-News-Updates
The Tax‐Free Savings Account (TFSA) is an account that allows individuals to earn tax‐free investment income. Canadian residents aged 18 years or older can open and contribute to a TFSA Account. TFSA contributions are not tax deductible; however, any investment income...
by Mustafa Alam | Mar 5, 2021 | Tax-News-Updates
Uber/Lyft drivers can claim a lot of expenses to lower their income tax and get more GST/HST refund. First of all, the uber fees and charges are inclusive of 13% GST/HSTwhich can be claimed. They can claim GST/HST on their car buying price too subject to certain...
by Mustafa Alam | Mar 5, 2021 | Tax-News-Updates
The Government of Canada decided to extend the time of Covid-19 related supports for the businesses till June 05, 2021. Small & Medium businesses are heart of Canadian economy. Thanks to the federal government.
