Your Guide to Canadian Corporate Taxes for Small Businesses (2024)
Corporate taxation in Canada is a complex yet crucial aspect of running a business. Having a good understanding of the tax system can bring significant financial benefits and ensure compliance with legal obligations. Whether you’re a small business owner or considering starting a corporation, it’s important to grasp the key tax concepts. In this blog […]
Canada’s Underused Housing Tax (UHT) Updates 2024
The Underused Housing Tax (UHT), introduced in 2022, aims to address vacant or underused residential properties in Canada. With the April 30th deadline approaching, it’s crucial for property owners to understand their filing obligations under the UHT. This blog post provides a comprehensive breakdown of the UHT, including eligibility requirements, exemptions, and essential details for […]
Understanding Deductions on Your T4 Slip and Pay Stubs in Canada
Ever wondered why your paycheck isn’t quite what you expected? In Canada, employers withhold certain amounts from your earnings to go towards taxes and social programs. Understanding these deductions is crucial for managing your finances and navigating tax season. This guide will demystify your T4 slip and pay stub, empowering you to decode your pay […]
Tax Implications of Changes in Use of Property: Your 2024 Guide
When it comes to real estate and taxes in Canada, the rules can seem daunting, especially when you’re faced with a situation you haven’t navigated before. For instance, what happens tax-wise when you move out of your home and start renting it out, or perhaps move back into a property you were once renting to […]
2024 Federal Budget Highlights and Key Tax Changes for Canadians
The Canadian Federal Budget for 2024 has been released, and outlines a variety of proposed tax changes impacting individuals and businesses. While the details are still being finalized, this blog post will provide a summary of the major updates from the budget and discuss how they could affect your wallets and businesses. It’s important to […]
A Guide to Collecting GST/HST for Businesses in Canada
If you are a Canadian business owner, you may wonder if you need to collect the goods and services tax (GST) or the harmonized sales tax (HST) from your customers. The answer depends on what you are selling, where you are selling it, and how much revenue you are making. What is GST/HST? GST is […]
Claiming the Canadian Disability Tax Credit (DTC): Eligibility & Benefits
Living with a physical or mental impairment can incur significant extra costs. The Canadian government recognizes these challenges and offers the Disability Tax Credit (DTC) to provide some financial relief. Understanding the Disability Tax Credit and its eligibility criteria is crucial for individuals with physical or mental impairments, as well as their supporting family members. […]
A Guide to Uber Rideshare & Food Delivery Driver Taxes & HST (2024)
If you’re working as a rideshare driver for Uber, Lyft, Uride, or doing food delivery through platforms like Uber Eats, DoorDash, or SkipTheDishes, it’s essential to navigate the world of Canadian taxes. In this blog, we’ll provide you with all the information you need to ensure you handle your taxes correctly as an Uber rideshare […]
How to Claim Child Care Expenses on Your Canadian Tax Return
Navigating the world of tax deductions can be daunting, but as a parent in Canada, understanding how to claim child care expenses can significantly impact your tax return. In this comprehensive guide, we’ll delve into the ins and outs of claiming child care expenses, including what qualifies, how to maximize deductions, and important considerations for […]
Understanding 2023 Uber Tax Summary for Canadian Drivers
Tax season can be overwhelming, especially when it comes to understanding your Uber Tax Summary as a Canadian driver. But fear not! This guide will break down your Uber Tax Summary step-by-step, so you can understand everything it tells you. Plus, we’ll explain how to make sense of your earnings and deductions, so you can […]