Carry Forward vs. Balance Owing: Key Canadian Tax Terms Explained
Canadian tax filing season can feel like trying to learn a new language with unfamiliar lingo that may initially confuse you. You may come across the key tax terms “carry forward” and “balance owing.” Understanding how they are different and what they will mean to you in your tax planning is essential. Let’s take a […]
How to Legally Pay Less Taxes in Canada: Complete 2025 Guide
As we near the end of 2024 tax year, many Canadians are looking for effective ways to ease their tax burden. This is not only about filing your returns on time, but it is also about finding ways to reduce the amount of tax you pay and claim bigger refunds. It does not matter if […]
Understanding Your T4 Slip: A Canadian Employee’s Guide to Taxes
If you’re an employee in Canada, you’re likely familiar with the T4 slip, formally known as the Statement of Remuneration Paid. This document is essential for understanding your earnings and tax deductions from January 1 to December 31 of the previous year. In this guide, we’ll break down the T4 slip, understand your paycheck, and […]
Understanding CRA Rules for Corporate Withdrawals in Canada
If you’re running a corporation in Canada, it’s essential to keep track of every dollar that flows from your business to your personal account. Each transfer needs to be properly categorized, whether it’s a loan, salary, dividend, or return of capital, as they all come with their own tax implications and documentation needs. I’ve encountered […]
Uber GST/HST Registration Guide for Rideshare and Delivery Drivers
As an Uber driver in Canada, understanding the rules surrounding GST/HST registration can be one of the most confusing aspects of managing your taxes. Whether you’re a rideshare driver providing Uber services or delivering meals through Uber Eats (DoorDash, Instacart), the Canada Revenue Agency (CRA) has specific rules that you need to follow. Let’s break […]
CRA Penalties and Interest: Avoid Late Filing, Incorrect Returns & Costly Mistakes
Since the 2025 tax filing season begins on February 24, it is important to note Canada Revenue Agency (CRA) penalties and interest charges that self-employed professionals, freelancers, and contractors may incur. These CRA penalties are designed to encourage compliance with tax laws, but can be costly if ignored. Whether you are filing your taxes on […]
How to Get a Non-Resident GST/HST Business Number for Uber Drivers
As a non-resident in Canada, it is easy to be overwhelmed by the taxation system, especially when you are a business neophyte, an independent contractor working in the gig economy, or driving for ride-sharing services such as Uber and Lyft. One such pitfall that Canadian non-residents are behind is GST/HST (Goods and Services Tax/Harmonized Sales […]
How to File 2024 Taxes as an International Student in Canada
Navigating taxes as an international student in Canada can seem intimidating, but understanding your responsibilities and following the right steps can make the process much easier. Whether you’re in Canada on a study permit or working part-time, filing your taxes correctly is essential for maintaining your legal status, avoiding CRA penalties, and potentially accessing benefits […]
Understanding Your 2024 Uber Tax Summary in Canada
As an Uber driver in Canada, understanding your tax obligations is crucial for maximizing your earnings and ensuring compliance with tax laws. The 2024 Uber Tax Summary can be complex, especially for newcomers to the Uber rideshare or food delivery business. This guide will break down the key components of your Uber Tax Summary, explain […]
Why Every Canadian Taxpayer Needs a CRA My Account in 2025
Being a Canadian taxpayer, freelancer, or entrepreneur, holding a CRA account is not only a matter of course – it’s the key to effective tax management and financial transparency. Imagine it as your own web-based gateway to all tax-related things, with easy access and management of your tax information and transactions with the Canada Revenue […]