CRA Notice of Assessment (NOA) Explained: Your 2023 Tax Return Summary
If you’re a Canadian taxpayer, you probably know that filing your tax return is not the final step in your tax obligations. After you submit your return, the Canada Revenue Agency (CRA) will review it and send you a Notice of Assessment (NOA). This is a document that summarizes your tax situation and tells you […]
2024 Tax Changes in Canada: RRSP, TFSA, EI, CPP Limits and More
The tax system in Canada is constantly evolving to reflect the economic and social realities of the country. As a Canadian taxpayer, it is important to stay informed of the latest tax changes and how they affect your financial planning. In 2024, there are some significant updates to the tax limits and rates of various […]
How to File Your Taxes for Real Estate Partnership in Canada
Real estate investing can be a great way to build wealth and achieve your financial goals. But what if you don’t have enough money to buy a property on your own? Or what if you want to share the risks and responsibilities with someone else? In that case, you might consider partnering up with another […]
How to File Your Taxes in Canada: A Guide for Newcomers
As a new resident of Canada, navigating the tax system is essential not only for fulfilling your financial responsibilities but also for accessing various benefits and credits that can support your income and living expenses. This comprehensive guide will walk you through the process of filing your taxes in Canada, covering key aspects such as […]
Tax Implications of Leasing or Financing a Car for Business
When it comes to getting a car, the decision of whether to lease or finance can be a daunting one. As an accountant, I understand the importance of this decision and the long-term financial impact it can have. In this blog, I will discuss the tax implications of leasing or financing a car, specifically for […]
The Ultimate Guide to Filing Your Skip The Dishes Taxes in Canada
If you love driving and making people happy with food, you might enjoy working as a skip the dishes driver. It’s a flexible way to earn some extra cash on your own terms. But before you hit the road, you need to be aware of the tax implications of your gig. In this guide, we’ll […]
How to File Taxes for DoorDash Drivers in Canada: A Step-by-Step Guide
Filing taxes as a Doordash driver can be tricky, and it’s easy to feel like you’re stuck in a maze of paperwork and deadlines. But don’t worry, delivery heroes! We’re here to help you with this guide to Doordash taxes, including the forms you need, deductions you can claim, and tips to save money and […]
How to Write-off Business Meal Expenses: CRA Rules Explained
If you’re a small business owner or an employee who travels for work, understanding how to deduct your meal expenses from your taxes can be a bit tricky. However, the Canada Revenue Agency (CRA) has specific rules and limitations that you need to follow. The Canada Revenue Agency (CRA) has specific rules that you must […]
Canada Pension Plan (CPP) Changes for 2024: Contribution Rates and Amounts
Today I want to talk to you about some important changes that are coming to the Canada Pension Plan (CPP) in 2024. If you are working as employee or self-employed in Canada, you should pay attention to these changes because they will affect how much you contribute and how much you can get from CPP […]
Multigenerational Home Renovation Tax Credit (MHRTC): Eligibility, Expenses Explained
The Multigenerational Home Renovation Tax Credit (MHRTC) is a game-changer for homeowners, starting with the 2023 tax year. It’s a refundable tax credit designed to promote multigenerational living by facilitating home renovations that create a self-contained secondary unit. This space allows a senior or an adult who qualifies for the disability tax credit to reside […]