How to Report World Income to the CRA: A Newcomer’s Guide
Receiving a letter from the Canada Revenue Agency (CRA) requesting information about your world income can be unsettling, especially for newcomers to Canada. However, this process is a standard procedure aimed at ensuring accurate tax filings and benefit calculations based on your total annual income, not just income earned within Canada. The CRA’s letter typically […]
How to Claim Mileage Log for Self-Employed Tax Deductions
As a self-employed individual, you can claim business-related vehicle expenses and cut down on your owed tax. If you’re using your personal vehicle to earn your business income then you’re sure to incur some vehicle expenses throughout the year. Now depending on your business or work, these could amount to a hefty sum. Take Uber […]
Navigating the New Canada Carbon Rebate for Small Businesses
The Canada Carbon Rebate program serves as a groundbreaking solution to address the ever-growing concerns of carbon emissions and their impact on the environment. As a small business owner, understanding the fundamentals of this initiative is not only essential for your financial well-being but also for your commitment to sustainable practices. By providing a refundable […]
Understanding the Changes to Capital Gains Tax in Canada for 2024
The Canadian government recently announced changes to the capital gains tax system as part of its commitment to creating a fairer tax environment. These changes, which came into effect on June 25, 2024, have implications for Canadians who engage in capital gains transactions. In this blog post, we will explore what these changes mean for […]
Understanding CRA Instalments: A Guide for Canadian Taxpayers
The Canada Revenue Agency (CRA) ensures the smooth operation of the tax system. Part of this process involves collecting taxes throughout the year, rather than just a lump sum at tax time. Tax instalments are prepayments for your income tax. Typically, when you work as an employee, taxes are automatically deducted from your paycheck throughout […]
How to Claim Cell Phone Expenses on Your Canadian Tax Return
Navigating the world of tax deductions can be tricky, especially when it comes to understanding which expenses qualify and how to properly claim them. Claiming your cell phone expenses in Canada is possible if you follow certain criteria and understand the rules set forth by the Canada Revenue Agency (CRA). This guide will provide you […]
A Guide to CRA’s Online Tax Tools for Canadians
In today’s digital world, the Canada Revenue Agency (CRA) offers a variety of online tools and services designed to simplify tax management for Canadians. These user-friendly resources not only save you time and effort but also promote accuracy and efficiency when handling your taxes and benefits. Whether you’re an individual taxpayer, a business owner, or […]
Top 5 Expense Tracking Apps for Self-Employed and Freelancers (2024)
Juggling multiple projects, chasing invoices, and keeping track of income are all part of the exciting, yet sometimes chaotic, world of self-employment. But one thing shouldn’t add to the stress: managing your expenses. Lost receipts, disorganized records, and inaccurate deductions can lead to tax headaches and financial woes down the road. That’s where expense tracker […]
How to Make Online Payments to CRA for Taxes and GST/HST
Paying your taxes online to the Canada Revenue Agency (CRA) is a straightforward process that can save you time and the hassle of paper filings. Whether you need to handle your personal income tax, GST/HST, or corporate taxes, the digital method is accessible and efficient. Here’s a beginner-friendly guide to navigate through the payment process […]
2024 Guide to Tax Obligations for Uber Rideshare Drivers in Canada
In today’s gig economy, services like Uber provide Canadians with a flexible way to earn income. However, this flexibility necessitates a high level of responsibility, particularly in tax matters. Understanding your tax obligations as an Uber driver is crucial to avoid unforeseen issues during tax season. This comprehensive guide will simplify everything you need to […]