HST is a tax that applies to goods and services sold in Canada. It was designed to make business transactions more convenient and streamlined. However, the Canadian government made the system optional, and many provinces opted not to adopt it. As a result, British Columbia, Saskatchewan, Manitoba, and Alberta still […]
What is GST in Canada?
GST (Goods and Services Tax) is a tax that applies to supplies of goods and services in Canada. The rate varies depending on where the supply occurs. It applies to both intangible personal property and tangible goods. The general concept behind the GST is that it is a combined sales […]
What Is Bookkeeping and Why Is It Important?
Bookkeeping is a process of recording financial transactions for a business. As a part of the accounting process, it involves preparing source documents for all business operations, events, and transactions. This is an important step in the preparation of business taxes. Fortunately, bookkeeping is a relatively easy process to learn. […]
What is Accounting?
If you are wondering what is Accounting, you are not alone. The field of Accountancy, also known as accountancy, is used to measure and communicate economic information. Throughout history, people have used accounting methods to keep track of their finances and communicate this information. Today, the use of accounting in […]
Does Welfare Recipients Getting Tax Refunds in Canada?
Many people in Canada don’t understand how to apply for welfare and how to report their income so they can get tax refunds. In Ontario, for example, more than a hundred welfare recipients weren’t collecting child benefits. Ninety-five of those recipients hadn’t applied for the program and five weren’t eligible. […]
Can You File Your Tax Return Without Your T4 Slip?
If you’re unsure of how to file your taxes, you can still file your return without your t4 slip. NETFILE-certified tax preparation programs can help you file your taxes easily and quickly. You can easily retrieve this form if you’ve misplaced it or lost it. Also known as the Statement […]
Capital Gains Tax in Canada
In Canada, you must pay capital gains tax if you sell a property after the purchase date. This tax was first introduced by the federal government in 1972. Prior to this, capital gains were tax-free. Capital gains in Canada are the difference between an asset’s total cost and its selling […]
Canada Tax Deadlines
Canada tax deadlines are important, and it is important to file them in a timely manner. Failing to do so will result in a fine. Not filing your taxes is also a criminal offense. The author, Angela, combines a passion for linguistics with a passion for investing and money. She […]
Things You Need to Know When Filing a T4A Form
There are a few things you should know before filing your Statement of pension, retirement, annuity, and other income (T4A) form. For example, if you are a contractor, you must document the amount of money you paid them. However, you do not need to include GST/HST on these payments. You […]
CRA Netfile Vs eFile – Tax Filing Online in Canada
When it comes to filing taxes online in Canada, you may be wondering what the difference is between CRA Netfile and eFile. You can use approved tax software to file your taxes with the CRA or use approved tax software to file your taxes yourself. Both systems are available to […]