As a taxpayer in Canada, you will belong to a tax bracket that is determined by the amount of your taxable income. Here's how it works.
If you earn income from a Canadian source, you may be subject to income tax. The income tax you pay will depend on your total taxable income.
The registered pension plan (RPP) and the registered retirement savings plan (RRSP) are accounts you can use to save for retirement. Here's what you should know about both plans.
Choosing the best tax software doesn’t need to be a difficult task. Here are 4 options covering simple to complicated tax returns.
Whether you expect to receive any form of inheritance, have already inherited any assets, or on the flip side, are planning to leave some inheritance for someone in Canada, this article covers the key information on what you need to know.
The T4 is an important tax slip used to file the Income Tax and Benefit Return if you worked for an employer in Canada. Here's what you should know.
The 401k is a tax-advantaged retirement savings plan that allows Americans to defer tax on income earned. Here's the Canadian Equivalent of a 401k.
If you need to elect to pay a capital dividend as a private corporation, here's what you need to know about the Capital Dividend Account (CDA).
If you file tax returns in Canada, the Canada Revenue Agency requires you to keep supporting documents. Here's how long you should keep them for.
Learn how net income is calculated for individuals and businesses in Canada.
The CRA allows you to claim certain child care expenses for tax deductions. Here's what you should know about claiming deductions with the T778 form.
Wondering if you need to file a personal income tax? This guide provides key information on what you should know.
Here's what a PRPP is and how can you use it to your advantage.
What are group RRSPs? Should I join a group RRSP? How does a group RRSP work? Your group RRSP questions are finally answered!
The Goods and Services Tax, also referred to as GST is a sales tax that the Canadian government applies to purchases and sales in Canada.
Remember to claim the dividend tax credit if you've received investment income from qualifying Canadian corporations.
If you are wondering whether Canadians enjoy a similar capital gains tax deferral benefit like the 1031 like-kind exchange, here’s what you need to know.
Income splitting helps households to reduce overall income tax payable. Here's how you can split income for tax purposes.
You may need to file your income tax and benefit return even if you do not make any income in the year. This is why.
If you have a full-time employment contract, your employer withholds tax on your gross salary and remits it to the Canada Revenue Agency.
If you need to pay taxes to the Canada Revenue Agency after receiving your tax assessment, these are the options available for individuals and businesses.
When you make a superficial loss on capital property disposition, you cannot claim this loss when filing your taxes. Here's what a superficial loss is.
When you purchase a home in Canada, you may be required to pay a land transfer tax. This article shows how to calculate a land transfer tax in each province.
Often referred to as the income tax and benefit return form, the T1 summarizes all income earned and any eligible tax credits, benefits, and returns.
You can receive free money for your child's post-secondary education through the Canada Learning Bond grant. Here's how you can apply.
Do you need to authorize or cancel a tax representative ? Learn how to do so by filling out the AUT-01 form (previously known as the T1013 form).
A Non-Registered Savings Plan (NRSP) is an account you can open to save and invest without the restrictions of a registered savings account. An NRSP is not registered with the CRA.
Through the Lifelong Learning Plan, you can withdraw up to $10,000 in a calendar year from your RRSP for a full-time training or education program.
The primary difference between a Registered Retirement Income Fund (RRIF) and a Registered Retirement Savings Plan (RRSP) is that you a RRSP is used to save and invest for retirement, whereas a RRIF is used to pay you periodic income in retirement.
A Life Income Fund (LIF) is a registered income fund that provides money from your locked-in pension accounts in retirement.
A registered retirement income fund, also known as a RRIF, is a registered plan that you transfer funds from a registered retirement savings plan (RRSP) to, with the purpose of receiving periodic income in retirement.
When you submit your tax return to the Canada Revenue Agency (CRA), you will receive a notice of assessment (NOA). Here's what the NOA contains.
The Tax-Free Savings Account (TFSA) withdrawal and re-contribution implications explained.
Here's what you need to know about the medical expense tax credit when filing your tax return in Canada.
Your Canada Pension Plan payments are subject to tax in Canada. Here's what you need to know.
Cryptocurrency gains may be great, but do not forget the tax implications of these gains in Canada. Here's how the CRA treats crypto tax in Canada.
This guide provides information on what you need to know about the Registered Education Savings Plan (RESP) in Canada.
You may be eligible for capital gains tax deduction when you dispose of certain property. Find out more about the Lifetime Capital Gains Exemption.
Your tax return filing method can impact how soon you receive a notice of assessment from the CRA. This is how long it can take.
Use the T1213 form to reduce your taxable income and income taxes for a specific tax year, this is how you can do this.
If you have earned income from a foreign company while being a resident of Canada, the T2209 form helps you claim federal foreign tax credits.
As a Canadian resident, if you have earned investment income in a tax year then you need a T5 tax slip. Here's what you need to know about the T5.
Tax write-offs are a good way to reduce your taxable income and income tax payable through tax deductions and tax credits. Read more to find out how.
Do you need to make an adjustment to your T1 tax filing? Check out our simple guide to making a T1 adjustment.
A T2033 is a form that you can fill to make entitled transfer payments between registered plans on a tax-free basis.
Line 10100 on your Income Tax and Benefit Return form represents your employment income. If you had to submit a tax return before the tax year 2019, this would have been known as line 101.
The T2200 is a form that declares the conditions of employment of an employee for work expenses incurred by the employee.
If you belong to a pension plan, this is how your pension adjustment gets calculated and how your RRSP deduction limit is affected for the tax year.
