Our Financial and Tax Related Blog
Stay up to date with recent information, tips, and CRA announcement regarding personal, corporate and business taxes
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.
CRA introduces new weapon to protect tax evasion
Canada Revenue Agency, for the first time, is going to use “Proceeds-of-Crime” laws in order to prevent tax evasion and tax cheats. Under this provision, Canada Revenue Agency can restrain, freeze or seize the assets of the defaulters, even the assets are out of...
Additional REsources
A Few Other Resources We’ve Created for Our Customers
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 Unlike RRSPs, contributions to an RESP are not tax-deductible nor are they taxable when withdrawn.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...
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...
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