Our Financial and Tax Related Blog

Stay up to date with recent information, tips, and CRA announcement regarding personal, corporate and business taxes

RESP FOR TAX PURPOSE

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 Unlike RRSPs, contributions to an RESP are not tax-deductible nor are they taxable when withdrawn.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...

Tax‐Free Savings Account (TFSA) – The Tax Perspective

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...

Tax Tips for Uber Drivers

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...

Covid-19 Emergency Business supports time extended!

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.

Additional REsources

A Few Other Resources We’ve Created for Our Customers

Bank of Canada raises key interest rate to 0.5%

Bank of Canada hikes its key interest rate to 0.5% that marks the first time it has increasedrates since October 2018.The Bank of Canada said the war in Ukraine is “a major new source of uncertainty” that isdriving prices higher on oil and other commodities.It is...

CRA is going to lock out 800K taxpayers online accounts tomorrow

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...

RESP FOR TAX PURPOSE

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 Unlike RRSPs, contributions to an RESP are not tax-deductible nor are they taxable when withdrawn.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...

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