RRSP Withdrawals at Retirement: Should You Delay or Not
The Registered Retirement Savings Plan (RRSP) is one of the cornerstones of retirement planning in Canada, offering a variety of benefits that include tax-deferred savings and tax relief in the first place. There is one benefit of RRSPs that seems to confuse most retirees, though – when to withdraw, especially considering that withdrawals from an […]
Tax Tips for Uber Eats and DoorDash Delivery Drivers in Canada
Being a delivery driver in Canada offers flexibility and the opportunity to earn income on your terms. Whether you’re delivering meals with Uber Eats, groceries with Instacart, or takeout with SkipTheDishes, it’s crucial to understand your tax obligations. Being a self-employed or an independent contractor means your tax situation is slightly different. In this guide, we’ll […]
What the 2025 Capital Gains Tax Changes Mean for Canadian Taxpayers
Taxes can be tricky, and things are about to get even more complicated for Canadians. If you’ve been following the news, you’ve probably heard about the capital gains tax changes before. The federal government is also making changes to the tax system that will affect individuals, corporations, and trusts. Whether you’re a investor, a business […]
What Canadians Need to Know About 2025 Tax Changes
With the arrival of a new year, Canadians’ attention shifts to the 2025 tax season, which begins on February 17. It’s more crucial than ever to keep up with the most recent tax changes because so many people are impacted by the rising cost of living. To prevent surprises when tax season rolls around, you […]
New CRA Tax Rules for Reporting Gig Worker Earnings in Canada
The gig economy is booming in Canada, with more and more people earning flexible income through platforms like Uber, Etsy, and Airbnb. These opportunities offer freedom but also come with tax responsibilities that can be tricky to navigate. Starting in 2025, new rules under Bill C-47 are changing how gig worker earnings are reported to the Canada […]
Common Canadian Tax Mistakes to Avoid in 2025 Season
Unsurprisingly, tax season in Canada is a rather daunting time of the year, as there are so many rules and regulations that one can easily get lost. Whether you work as a contractor, are self-employed, or even an employee, one wrong step can lead to losing a refund or incurring penalties. But here’s the good […]
Year-End Bookkeeping Tips for Canadian Contractors and Self-Employed Professionals
As the 2024 year wraps up, Canadian contractors and self-employed professionals are entering a pivotal time to get their financials in order for tax season. But don’t let the looming deadlines cause you stress! Effective year-end bookkeeping is more than just a chore—it’s a strategic play that can save you money, simplify your tax filing, […]
Lease vs. Finance an Uber Car in Canada: Which is Better for Tax Savings
When it comes to your Uber vehicle in Canada, the decision to lease or finance goes beyond just monthly payments. It’s a strategic move that can affect your tax deductions and overall ownership costs. Think of it as making a smart financial play where each choice impacts your savings. So, which option suits your needs? […]
An Independent Contractor’s Guide to Business Structures in Canada
As an independent contractor in Canada, the choice of business structure can feel overwhelming, but it’s one of the most important decisions you’ll make for your business. Whether you’re just starting out or looking to grow, your business structure directly impacts your taxes, liability, and long-term success. Choosing the right structure can help you save […]
Top 10 Tax Deductions Every Electrician in Canada Should Claim
As an electrician in Canada, you know that every dollar counts! Did you know that many electricians, whether sole proprietors or incorporated contractors, miss out on valuable tax deductions simply due to a lack of awareness? Maximizing these deductions can significantly boost your overall profitability. In this guide, we’ll break down the most beneficial tax […]