Charitable giving is not only a way to support the causes you care about but also a strategic tool for optimizing your tax refund. When you donate to qualified organizations, you may be eligible for tax credits or deductions that...
Filing taxes can be a time-consuming task, especially if you have multiple income slips, deductions, and credits to keep track of. Fortunately, the Canada Revenue Agency (CRA) offers a powerful feature called Auto-fill My Return to help simplify and accelerate...
Investment income can be a valuable part of your financial portfolio, offering the potential for passive earnings and long-term growth. However, it also comes with tax obligations. In Canada, investment income must be accurately reported on your personal tax return...
Receiving Employment Insurance (EI) benefits during the year? If so, you'll receive a T4E slip from Service Canada outlining the amount you were paid and the taxes withheld. Understanding how to properly report this income on your personal tax return...
With Canada’s tax system based on residency rather than citizenship, residents are required to report their worldwide income, not just income earned within Canada. This includes foreign employment income, investment income, rental earnings, pensions, and more. If you’ve earned income...
When it comes to saving for your future while optimizing your current tax burden, the Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA) are two of the most powerful tools available to Canadians. Understanding how each works—and...
Retirement marks a major transition in life, but it doesn't mean your tax obligations end. If you are a retired Canadian or receiving pension income, you still need to file your taxes annually with the Canada Revenue Agency (CRA). However,...
Filing your annual income tax return is a critical obligation for Canadian residents, and the Canada Revenue Agency (CRA) provides multiple methods to do so. Whether you’re comfortable with digital platforms or prefer traditional paper filing, understanding the differences between...
After filing your income tax return in Canada, one of the most eagerly awaited outcomes is the refund. Whether you’re expecting a few hundred or a few thousand dollars back, it's natural to want to know exactly when it will...
If you're self-employed in Canada, you don’t have an employer to deduct income tax from your earnings. This means you are responsible for ensuring the Canada Revenue Agency (CRA) receives your tax payments throughout the year. One of the most...
