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 Unlike RRSPs, contributions to an RESP are not tax–deductible nor are they taxable when withdrawn.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have all earnings (capital gains, dividends and interest) on the investments inside the RESP accumulate tax-free until withdrawn. Is there a tax deduction for RESP? What kind of tax rules apply to …
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contributions are not tax deductible; however, any investment income within the account will not be taxed, even when withdrawn. This investment income has …
Tax‐Free Savings Account (TFSA) – The Tax Perspective Read More »
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 conditions. In addition to that they can claim …
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.
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 Canada. This is a new weapon that will bring dramatic changes …
CRA introduces new weapon to protect tax evasion Read More »