When you file your tax returns, the Canada Revenue Agency (CRA) sends you a Notice of Assessment. This document details the results of your assessment and tells you what taxes you owe for the current year. You can also get this document via email. Once you receive your notice, you […]
How to Qualify For a Canada Carbon Tax Rebate
The government has implemented a carbon tax on all Canadians, and the revenue from that tax will be used to help the Canadian economy transition from fossil fuels to green energy. Each province and territory will be able to use the funds to address climate-related issues, reduce other taxes, and […]
Canada Tuition Tax Credit
The Canada tuition tax credit is a form of financial aid for Canadian citizens who are studying overseas. It can help you pay for your tuition, and other fees, as well as scholarships. It is a tax credit that can be carried forward only once and must be used for […]
RRSP Deduction Limit
RRSP Deduction Limit for 2021 You can deduct up to 18% of your income for contributions to an RRSP. The maximum contribution limit is currently $29,210 for 2022. Your actual amount of the deduction may be higher than that amount, depending on your income, contributions, and other factors. If you […]
Canada Inheritance Tax
No inheritance tax in Canada In Canada, there is no inheritance tax, meaning that the estate does not pay taxes. However, if a surviving spouse or common-law partner inherits a portion of the estate, the surviving spouse or common-law partner must pay taxes on the income earned during the year […]
Canada Child Benefit
The Canada child benefit, previously known as Canada Child Tax Benefit, is a tax-free monthly payment for families in Canada with children under the age of 18. It helps eligible families with expenses related to raising their children. This program was created to help families who are struggling to make […]
Canada Tax-Tips
Whether you are new to Canada or have lived in the country for many years, you can benefit from Canada tax-tips. The country’s tax laws can be complicated, but there are several resources that can help you get your tax return done properly. These resources can include information on filing […]
Small Business Tax Benefits in Canada
If you’re thinking of starting a small business in Canada, you might be wondering if you can benefit from the many small business tax benefits available in Canada. You can deduct the cost of certain expenses as well as capital assets. These benefits are available to small business owners who […]
The Canadian Farm Tax
The Canadian Farm Tax is an annual voluntary program that provides financial assistance to farmers and ranchers. It also supports family farming, which encourages sustainable growth and environmental stewardship. These farmers also contribute to the social fabric of rural Canada. That is why the CFA supports Private Bill C-208, which […]
What is Bookkeeping?
Bookkeeping is the process of recording financial transactions for a business. Bookkeeping involves preparing source documents for all business transactions, events, and operations. It is important for the financial health of any business. Moreover, it is a great way to monitor business performance. Learn more about bookkeeping in this article. […]