Capital gains are a significant component of the Canadian tax system, especially for individuals who invest in stocks, mutual funds, real estate, or other capital property. If you sell a capital asset and make a profit, you may be required...
Understanding how capital gains and losses are taxed in Canada is essential for any individual who sells investments, real estate, or other capital property. While capital gains can increase your taxable income, capital losses can be used strategically to reduce...
Every year, Canadian taxpayers are required to file their federal income tax returns by a specific deadline, typically April 30. For self-employed individuals and their spouses or common-law partners, the deadline extends to June 15. But what happens if you’re...
Interest expenses can represent a significant financial burden, especially for students paying off education loans or investors leveraging borrowed funds to generate income. In Canada, certain types of loan interest are eligible for tax deductions, offering a valuable opportunity to...
Filing your federal tax return in Canada can be a straightforward process—if done correctly. However, each year, thousands of Canadians make errors on their returns that result in delayed refunds, reassessments, CRA audits, or even financial penalties. Whether you're a...
Every year, thousands of Canadians miss out on their full tax refunds because of avoidable errors during the tax filing process. Whether it's missed deductions, incorrect income reporting, or delays in documentation, small mistakes can add up to major losses....
Even though the major COVID‑19 income support programs ended years ago, understanding their tax treatment remains important—especially if you've repaid any over‑payments or received retroactive amounts. 1. All COVID‑19 Benefits Count as Taxable Income Support programs like the CERB, CRB,...
Canada’s income tax system is unique in that it involves two levels of taxation: federal and provincial/territorial. While both levels tax income, they do so independently, and the combined effect determines the total income tax you pay. Understanding how these...
Canada’s federal tax system, administered by the Canada Revenue Agency (CRA), is designed to collect revenue based on income, ensure compliance, and provide benefits and credits to eligible individuals and businesses. This comprehensive guide explores everything you need to know...
