Rapid inflation has resulted in a significant increase of 6.3% to personal income tax and benefit amounts for 2023. For example, the income level at which OAS repayments commence is now $86,912 (from $81,761), the capital gains exemption for the sale of certain small businesses is now $971,190 (from $913,630), and the annual TFSA contribution…
As a business owner, you understand how important it is to stay profitable. One of the ways to maximize your profits is by minimizing your expenses, and one of the most significant expenses for any business is taxes. Taxes can be a complex subject. But, with the help of professional corporate tax services, you can…
In 2022, 31,231,522 people in Canada filed taxes. Whether you’re a resident or a nonresident of Canada, you will have certain tax liabilities. The good news is, you don’t have to pay tax on everything. That’s a relief, isn’t it? There are two kinds of things that are not taxed: zero-rated and exempt. Zero-rated items are…
Everything we did before on paper is now done online in this digital era. From paying bills to filing taxes, it’s all a click away now. However, the increased use of the internet also comes with its downsides: security risks. Scams, hacking, etc., have become common and put our personal information at risk. Therefore, it’s…
Filing taxes in Canada is crucial, whether you are a business or an individual. All Canadians must file their tax returns each year. For instance, the citizen had to pay the tax returns by April 30th, 2022 for the financial year 2021. There is a set deadline each year to file tax returns, which needs to…
Did you know Canada’s tax to GDP ratio increased to 34.4% in 2020? This indicates that more Canadians are filing taxes and joining the tax bracket. Even though the number of taxpayers is increasing, many Canadians are still not a part of the tax system because they find it challenging to file taxes on their own.…
Tax is a mandatory financial charge imposed by the government on all profit-driven businesses. The taxes paid by businesses are used to carry out state functions. All taxes are collected by the state’s revenue agencies and then processed accordingly. The criteria and amount of tax vary from business to business. Businesses with huge profit gains are…
A total of 29,629,657 returns were filed from February 8, 2021, to August 15, 2021, in Canada. There are several benefits of filing for income tax returns in Canada. One of the most important ones is that you can claim tax deductions. There are different tax credits and deductions available to help maximize our tax returns.…
New to filing taxes? Let us help you out!From calculating your income tax to understanding what falls under the tax benefits umbrella, there’s so much that we don’t know about taxes. To top that off, the government has also revised the benefits and made other changes to the taxation policy to help Canadians get through…
Sinking under heavy taxes? Here are three ways our tax planning services in Canada can help you legally minimize the taxes you pay.
